Logo of Phnom Penh Post newspaper Phnom Penh Post - Japan set to sign $180M Covid-19 crisis loan agreement in December

Japan set to sign $180M Covid-19 crisis loan agreement in December

Content image - Phnom Penh Post
The Japan International Cooperation Agency’s (Jica) Haruko Kamei (second left), Japanese ambassador Masahiro Mikami (third left) and finance minister Aun Pornmoniroth (fourth left) at the meeting on Monday. FINANCE MINISTRY

Japan set to sign $180M Covid-19 crisis loan agreement in December

Japan is expected to sign a concessional loan agreement worth 20 billion yen ($180 million) with the Kingdom this month for Covid-19 Crisis Response Emergency Support Loan Phase 2, the Cambodian Ministry of Economy and Finance said on November 30.

The decision was revealed at a meeting on November 29 between Minister of Economy and Finance Aun Pornmoniroth, Japanese ambassador to Cambodia Masahiro Mikami, and Japan International Cooperation Agency (Jica) Cambodia Office chief representative Haruko Kamei.

The finance minister said Japan has “always supported” the Kingdom materially, technically and financially in almost every area, promoting social welfare and development. He highlighted Tokyo’s recent financial contributions to the health and clean water sectors as an example.

Pornmoniroth also welcomed initiatives to bolster investment in Cambodia, and deeply thanked the Japanese government and people for its “consistent attention” and provision of “well-directed” development cooperation in virtually all fields.

He stressed that this reflects the role of Japan as an “important strategic development partner” that contributes to the Cambodian government’s efforts to optimise the Kingdom’s development.

Ministry spokesman Meas Soksensan told The Post on December 2 that the concessional loan would be allocated to state budget reserves.

“We do appreciate any and all help from development partners, and we’ll ensure that the funds are used efficiently, and aimed at fighting the spread of Covid-19, as well as to spur the economy,” he said.

Hong Vanak, director of International Economics at the Royal Academy of Cambodia, underlined the importance of the targeted loan, given the Kingdom’s nearly two year-long struggles with the Covid-19 crisis.

He said Japan has been a major donor to Cambodia for nearly 30 years, and has awarded a large number of grants to help build infrastructure, and underpin education and health.

Vanak contended that using Japanese financing in a transparent and dignified manner would encourage Tokyo to continue to provide assistance, which he said would prop up the Kingdom’s socio-economic growth, particularly after Covid ends.

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports