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Press Release

EDCF to Provide USD 12 Million for the National Road No.21 Project in Cambodia

  • Date2017.09.06
  • View5924

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The Export-Import Bank of Korea (“Korea Eximbank”) announced on September 6 that it will provide an additional USD 12 million in EDCF financing to the Cambodian government to complete the National Road No.21 Project.

 

Chang Young-hoon, Head of EDCF Group at Korea Eximbank, met with Vongsey Vissoth, Secretary of State for the Ministry of Economy and Finance of Cambodia, and signed the loan agreement at Grand Intercontinental Seoul Parnas, where the EDCF 30th Anniversary & KSP Dissemination Conference was being held.

 

The USD 12 million EDCF loan will be extended as a supplementary loan to help complete the ongoing National Road No.21 Project in Cambodia.

 

Previously in 2011, Korea Eximbank provided an EDCF loan of USD 52 million for the National Road No. 21 Project in Cambodia in order to build the shortest route from Phnom Penh, the capital of Cambodia, to the country's border with Viet Nam (total length of 63.6 km).

 

Since then, however, Cambodia has faced a sharp increase in inflation, requiring additional funding for the project. At the Cambodian government's request, Korea Eximbank approved to provide a supplementary loan to complete the construction of the remaining section (8.6 km) of the road.

 

Upon completion, this project is expected to greatly relieve chronic traffic congestion, contributing to facilitating trade between Cambodia and Viet Nam.

 

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