Korean Provide US$52 million for Improvement of National Road No.21

By Sok Lak

 The Government of the Republic of Korea through Export-Import Bank to provide a concessional loan of US$52.544 million for implementation of improvement of National Road No. 21 project which aims at improving 63.5 km of National Road No.21 from Takmao in Kandal Province to Chrey Thom, bordering with Vietnam.

The signing ceremony of loan agreement was signed on November 14 by Deputy Prime Minister Keat Chhoun, Minister of Ministry of Economy and Finance and Mr. Sang-Wan Byun, Executive Director of the Export-Import Bank of Korea under the witness of H.E. Chang Ho-Jin, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Cambodia at Ministry of Economy and Finance.

“The Improvement of National Road No.21 project will facilitate the transportation connection within Cambodia across border with Vietnam while the people who are living in the project area, national and international businessman, and tourist will also benefit. As improving road, it will most definitely help reduce the cost and time of travel and contribute economic development and poverty reduction,” H.E. Keat Chhoun said.

The National Road No.21 of 63.5 km will be paved using asphalt concrete, of which 9.04 km will be to widen the road into 4 lanes and the remaining 54.46 km will be an improved 2 lane road and 58 bridges along National Road No.21 will also be reconstructed, he mentioned.

Including the concessional loan of US52.544 million, with an interest rate of 0.01 percent per annum and 40 years of maturity with a 15 years of grace period, the total concessional loan extended by the Government of Republic of Korea through the Export-Import Bank of Korea to Royal Government of Cambodia will reach US$341.43 million for implementing 12 development projects in Cambodia, focusing on physical infrastructure development. “The valuable loan provided by the Government of Republic of Korea that we have just singed provided a timely response to our needs and is in line with the objectives of Cambodia development strategy as it has been Cambodia’s long term and valuable development partner in noble pursuit of reducing poverty” minister stressed.

Taking this opportunity, H.E. Keat Chhoun thanks the Government of Republic of Korea and Korean people for providing emergency humanitarian assistance which worth US$200,000 to Cambodia for Cambodian people who suffered from the 2011 flood damage. “This kind assistance is extremely helpful to Cambodian people who were suddenly confronted with such difficult circumstances.”