Logo of Phnom Penh Post newspaper Phnom Penh Post - China doles out more loans

China doles out more loans

Hun Sen, Bun Rany and Hor Namhong return at Phnom Penh International Airport yesterday afternoon
Hun Sen, Bun Rany and Hor Namhong return at Phnom Penh International Airport yesterday afternoon Hong Menea

China doles out more loans

Prime Minister Hun Sen returned from attending a meeting of Asian leaders in Beijing yesterday with promises of hundreds of millions of dollars of development assistance, a senior minister said.

Kao Kim Hourn, an official attached to the prime minister, told reporters at Phnom Penh International Airport yesterday that Hun Sen had secured annual development loans of between $500 million and $700 million from its ally and patron, China.

“It was only a short visit to China, but Samdech [Hun Sen] was very busy and I think that it bore fruit, especially because he persuaded giant Chinese private companies to invest in Cambodia, as well as holding discussions with [Chinese President] Xi Jinping,” he said.

“The Chinese government strongly supports Cambodia’s national development and Xi stressed that Chinese support will continue.”

He added that China would give Cambodia $700 million, but it was not clear how much would be in loans and how much would be grants.

“We need grant aid and interest-free loans, but we don’t know what we will be given yet,” he said.

Also following the meeting in Beijing, China announced it would invest $40 billion in a scheme to establish a “Silk Road infrastructure fund” to better connect Asian countries, including Cambodia.

In a joint statement released after the meeting, the countries pledged to work towards further connecting their economies by “strengthening connectivity, which is conducive to identifying new growth point[s] and fostering new competitive edge”, while offering a “new driving force for Asian cooperation and sustained prosperity”.

“We acknowledge that developing countries, particularly landlocked countries, are facing restrictions in terms of high transport and trade transaction cost, access to financing and technology, and natural conditions … in achieving connectivity,” the statement said. “The international community including transit countries should redouble their efforts in providing assistance and support”.

MOST VIEWED

  • Former opposition leader tells soldiers, Cambodians to unite to fight CPP

    Former Cambodia National Rescue Party (CNRP) President Sam Rainsy has called for a popular uprising after the July 29 national elections to force a change of government. He called on the armed forces and people to stand united to fight the ruling Cambodian People’s Party-led

  • Prince injured, wife dies after accident

    THE wife of former First Prime Minister Prince Norodom Ranariddh, Ouk Phalla, 39, died while the prince was “severely” injured following a road accident in Preah Sihanouk province’s Prey Nub district on Sunday morning, officials said. Rananriddh, who is also the president of the Funcinpec

  • Bun Heang mocks US, threatens its citizens in scathing open letter

    After being hit with sanctions from the US Department of Treasury, Cambodian General Hing Bun Heang said he would retaliate against any US national who does not respect his country’s sovereignty, has ambitions to invade Cambodia or incites “traitors” in the Kingdom to do

  • Police warn boycott FB group involved in the “Clean Fingers Campaign”

    Police said on Tuesday that they will pick up members of a Facebook group involved in the “Clean Fingers Campaign” that promotes a boycott of next month’s national elections. However, police merely planned to “educate” the group for now, but warned that if the