March 13, 2023
PHNOM PENH – Cambodia and South Korea have pledged to continue strengthening and expanding formal development financing cooperation to further boost Cambodia’s socio-economic development.
The pledge came at a March 9 meeting in Phnom Penh between Minister of Economy and Finance Aun Pornmoniroth and Kim Kyung Hee, director general of development finance at the Ministry of Economy and Finance of the Republic of Korea.
In a March 10 press release, the Ministry of Economy and Finance said that Minister Aun Pornmoniroth thanked South Korea for its commitment to provide $1.5 billion in concessional loans through the Framework Agreement 2022-2026. The agreement was signed late in 2022.
The minister said that the ministry supported a study of various communication projects linked with the construction of the Cambodia-Korea Friendship Bridge in the eastern part of Phnom Penh.
The press release read that from 2001 to the end of 2022, the South Korean side had provided around $1.8 billion in concessional loans.
“The two sides also pledged to continue strengthening and expanding cooperation through the provision of formal development financing within the framework of concessional loans to contribute to the socio-economic development activities of Cambodia in line with the strategy of the Royal Government of Cambodia, especially the study of major infrastructure development projects for the history of friendly relations between the two countries,” according to the press release.