S. Korea Provides US$21 Million in Grant Aid to Cambodia for 2014

image005Cambodia and the Republic of Korea reached here this morning the Framework Arrangement on Grand Aid for the year 2014 up to the amount of US$21 million to implement four development projects.

The document was signed by H.E. Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and H.E. Kim Han-soo, Ambassador of the Republic of Korea to Cambodia.

Of the total fund, US$8 million will be used for the Self-Supporting Rural Development Project with Saemaul Undong (SMU)’s Participatory Approach, US$2.5 million for the Project for Securities Market Development in Cambodia, US$5 million for Cambodia Health Sector Support Program (HSSP), and US$5.5 million for the Project for Feasibility Study on Waterway Improvement for Port Logistics Development in Cambodia, said H.E. Hor Namhong.

On behalf of the Royal Government of Cambodia, the Cambodian top diplomat expressed profound thanks to the Republic of Korea for this grant assistance.

The grant aid reflected the Republic of Korea’s commitment to support Cambodia’s social and economic development, said H.E. Kim Han-soo, affirming that his country will continue to assist Cambodia in education, health, infrastructure, and other prioritized sectors.

Beside this fund, the Republic of Korea is considering providing a low-interest loan of some US$63 million to Cambodia to rehabilitate the National Road No. 2 from Takhmao town of Kandal province to O’ Chambak in Takeo province, and the Road No. 22 from O’ Chambak to Ang Tasom, then to the National Road No. 3 in Takeo, H.E. Koy Kuong, Spokesperson of the Ministry of Foreign Affairs and International Cooperation told reporters after the signing ceremony.

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