Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia to receive loan from France

Cambodia to receive loan from France

Cambodia to receive loan from France

The French Development Agency (AFD) will lend €104 million (about $115 million) to Cambodia for a variety of projects in the country.

French Foreign Affairs Minister Laurent Fabius signed the loan with Prime Minister Hun Sen on Monday afternoon.

According to AFD, €70 million will go to Electricite du Cambodge to extend power lines through Koh Kong, Kratie and Kampong Cham provinces.

Eleven million euros will pay for the construction of tourism sector vocational training schools – one in Phnom Penh and one in Sihanoukville.

Eight million euros will support the Siem Reap Water Authority’s construction of a water facility and pipes.

The remaining funds will go to the Ministry of Labour to bolster vocational training.

According to the AFD, the loans mature in about 15 to 20 years, including four to seven years of grace period.

Philippe Steinmetz, the AFD country director for Cambodia and Laos, said in an email that AFD is planning to "lend to Cambodia an average of 50-80 million Euros per year, in line with the country’s priorities and borrowing plan".

France and Cambodia also signed an extradition treaty at the meeting.

MOST VIEWED

  • US names new ambassador to Cambodia

    US President Donald Trump on Friday appointed W Patrick Murphy as the new US Ambassador to Cambodia, replacing incumbent William A Heidt. A press release posted on the White House’s website said nominee W Patrick Murphy is currently acting principal deputy assistant secretary at

  • Kingdom is at a crossroads between East, West after poll

    It was dubbed a success by caretaker prime minister Hun Sen after the electoral victory of his Cambodian People’s Party (CPP), which is poised to take all seats in the National Assembly. But the July 29 national election has not been positively looked at by

  • Chinese influence to sweep Kingdom?

    Growing Cambodia-China ties have seen the latter’s influence sweep across the Kingdom through increased investments and tourism. The Asian giant has become the leading source of foreign funds in Cambodia, fuelling the construction sector with huge casino and hotel projects. Much of the growth

  • Final poll results confirm first single-party Assembly

    IN an unprecedented situation in Cambodian politics, the official results of the July 29 national elections have declared that the Cambodian People’s Party (CPP) will take all 125 seats in the National Assembly on the back of it receiving 76 per cent of the votes. The National