South Korea signed an agreement here Tuesday with Cambodia to provide a loan of 36.9 million U.S. dollars for the latter to restore its National Road No. 3.
South Korean Ambassador Shin Hyun-Suk and Hor Namhong, Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, signed the agreement on behalf of their respective governments, in the presence of Cambodian Prime Minister Hun Sen.
Hor Namhong told reporters that this loan will be used for the rehabilitation of National Road No.3 linking Phnom Penh and Kampot province, which is a main province producing salt and tourism destination.
Cambodia shall pay off the loan at an annual interest rate of 0. 5 percent within 30 years, including a preferential 10 years, according to a statement from the South Korean Embassy.
The loan is to be spent on the restoration of a 137-kilometer section of the National Road No.3 in Kampot province including the construction of two bridges, following an earlier South Korean loan of more than 17 million U.S. dollars to upgrade the road, it added.
Source: Xinhua
|
Posts
No comments:
Post a Comment