Japan Inks US$82 Million Agreement with Cambodia

Japan Inks US$82 Million Agreement with Cambodia
Friday 14, 2009

Cambodian PM Hun Sen talks to Japanese Ambassador Shinohara during the finance

signing ceremony at the Ministry of Foreing Affairs and International Cooperation

The Japanese Government on Thursday signed an

agreement worth US$82 million with Cambodia to

expand sea port infrastructure, as well as other economic

development and poverty reduction projets.
US$72 million is a concession loan to develop

Sihanoukville Port to expand its capacity and another

US$10 million is grant aid for economic and social

development, a press release from the Japanese Embassy


After the signing ceremony between Shinohara Katsuhiro,

Japanese Ambassador to Cambodia under high presence

of Prime Minister Hun Sen, Hor Nam Hong told reporters

the loan will be “very important to expand the capacity of

Sihanoukville Port, its infrastructures and improve handling

of containerized cargo.”
The is third time that Japan has helped Sihanoukville post

since 1999, added the veteran minister of Foreign Affairs

and International Cooperation, also a deputy prime minister.

In total Japan has donated US$187 million in non-project

grant aid.
The capacity of Sihanoukville Port, the only international

deep sea port in Cambodia, will be expanded by

constructing a multipurpose terminal, including a bulk

terminal, and an oil supply base, as well as developing

infrastructure related to the terminal at the port. It also

will help contribute to industrial development and also

economic growth in Cambodia, the Japanese embassy’s

press release said, adding that, “Japan continues to be

the top donor in assisting Cambodia in every possible

way in its effort to reduce poverty and develop Cambodia.”
The concession loan has an interest rate of 0.01 percent

per annum, and the repayment period is 40 years, including

a 10-year grace period.

Last Updated on Friday, 14 August 2009 03:34

No comments: