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Kingdom inks $60.3m loan for flood relief

Kingdom inks $60.3m loan for flood relief

The Ministry of Economy and Finance yesterday signed a US$60.3 million loan package with Asian Development Bank to aid in reconstruction efforts after the Kingdom last year suffered its worst floods in a decade.

Minister Keat Chhon, calling the loans “a timely response of our need for the development”, said ADB would provide $55 million, with the Australian government, through its development arm AusAID, donating $5.3 million.

He estimated the total rehabilitation costs were as high as $66.8 million, however, but that the Cambodian government would bridge the gap with its own funds.

The government already had spent $45 million on restoration efforts since last year’s floods, he said.

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