South Korea to Increase Grant by 40 %

Pictures at the Meeting at CDC, source: from KOICA Cambodia Office

According to the Ministry of Economy and Finance, South Korea will increase grant roughly by 40 % of Korea’s Official Development Assistance (ODA) for Cambodia in the forthcoming year. In the afternoon of 20 December 2011, Royal Government of Cambodia and Korean government organized the first development cooperation forum amongst CDC, Embassy of the Republic of Korea and KOICA in order to boost and increase the effectiveness of development cooperation. “This is the first forum between Cambodia and Korea and it is the invaluable opportunity for the two parties to exchange perspectives in relation to the promotion of development collaboration especially the use of loan on the right track and with efficiency for poverty reduction of Cambodian populations.” said DPM Keat Chhon. The forum was held with presences of H.E. Mr. Chang Hojin, Ambassador to Cambodia, delegation from Seoul, representatives of MOFAT, Exim Bank, Ministry of Health, Korean Development Institute, and KOICA. Based on the Ministry of Economy and Finance, from 2001 up to now, Korean government through Exim Bank has provided loan to Cambodia over US$341 million for many development projects. In 2010, Korea’s Ministry of Strategy and Finance in association with Korean Exim Bank awarded Cambodia’s Ministry of Economy and Finance an honorable trophy in terms of its endeavor and being a good partner cooperating well with the government. Additionally, in cooperation framework, Korea has pledged to provide loan with the amount of US$ 200 million for 4-year Rolling Plan (2009 – 2013), which both parties have been implementing so far. (Rasmei Kam.)