Cambodia and Japan have signed an $18.2 million concessional loan agreements for the implementation of the Southwest Phnom Penh Irrigation and Drainage Rehabilitation Project Phase II, according to a joint press release from the Ministry of Economy and Finance and the Japan International Cooperation Agency (JICA).
The signing ceremony took place on April 27 in the presence of finance ministry secretary of state Hem Vanndy and JICA Cambodia Office chief representative Kazumasa Sanui.
Vanndy said the loan was signed following the "exchange of notes" on the extension of loan for this project, which was signed on April 10 between Minister of Foreign Affairs and International Cooperation Prak Sokhonn and Japanese ambassador to Cambodian Atsushi Ueno.
“[We] thanked the government and people of Japan and all relevant institutions of the Japanese government for always providing excellent cooperation,” he said.
He also thanked JICA for continuing to provide funding for official development assistance (ODA) within the framework of grants, concessional loans and technical assistance. He said the assistance has hit the target of the Cambodian government to restore and develop the society and the economy.
The press release read that the project mainly aims to improve and rehabilitate the irrigation and drainage systems at two sub-projects: Roleang Chrey and Kandal Stung-Bati located in the target provinces of Kampong Speu, Takeo and Kandal, with a total area of approximately 21,000ha and total beneficiaries of approximately 7,925 households and 44,000 farmers.