PHNOM PENH: The Republic of Korea signed a concessional loan to the Royal Government of Cambodia worth billions of dollars, on Friday morning, 9 December 2022. The signing ceremony was presided over by Prime Minister Hun Sen.

The nearly US $2 billion concessional loan was signed by the Cambodian Foreign Minister, DPM Prak Sokhonn, and the Ambassador of the Republic of Korea to Cambodia, Park Heung-kyeong, for the Economic Development Cooperation Fund 2022-2026.

Two other projects are also to be signed on by the Minister of Economy and Finance, DPM Aun Pornmoniroth, and the Chair of the Economic Development Cooperation Fund of the Export-Import Bank of Korea in Cambodia, Minnie Chey. The two will sign concessional loan agreements for: a US $70 million Power Transmission System Capacity Project in Sihanoukville, and a US $245.9 million Cambodia-Republic of Korea Friendship Bridge Project.

According to the Ministry of Foreign Affairs, these concessional loans provided by the Government of the Republic of Korea will make a significant contribution to the Royal Government of Cambodia's efforts to accelerate economic development and further strengthen existing good relations between both nations.