Korea Eximbank provides $120 mn credit to Cambodia

The Export-Import Bank of Korea (Eximbank) said on Friday that it signed an agreement with the Ministry of Finance of Cambodia to provide a foreign economic cooperation fund (EDCF) credit of $120 million for a road improvement project. 

The agreement was signed by Korea Eximbank President Yoon Hee-sung and Cambodian Finance Minister Ros Seilava in the presence of South Korean President Yoon Suk Yeol and Cambodian Prime Minister Hun Manet at the Yongsan Presidential Office on Thursday.

Cambodia, a major partner country of EDCF, is the third-largest recipient of EDCF loans (cumulative approved amount of $1.95 billion) and closely cooperates with South Korea in economy, culture, transportation, and water resources.

The Cambodian local road improvement project will receive a $120 million EDCF loan to renovate 37 routes, covering 391 km of roads in six southern provinces of Cambodia.

It's one of the transportation infrastructure projects that align with Cambodia's top national development strategy, the Pentagonal Strategy.

Write to Hyun-Woo Kang at hkang@hankyung.com