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Monday, April 2, 2012

CHINESE PRESIDENT GRANTS AID OF 250 MILLION YUAN AND 200-MILLION-YUAN CONCESSIONAL LOAN

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Chinese President Grants Aid of 250 Million Yuan and 200-Million-Yuan Concessional Loan

(Rasmei Kampuchea Daily, Sunday-Monday, 01-02 April 2012), Vol. 20, No. 5775

According to Sry Thamarong, Minister Attached to Prime Minister, Chinese government announced to grant aids of 250 million Yuan, equivalent to US$40 million, and concessional loans of 200 million Yuan (US$31 million) for Cambodia’s development and economic reform. This announcement was made during over 1 hour meeting between President Hu Jintao and PM Hun Sen on 31 March 2012. This promise is said not to be an exchange for excluding South China Sea on the agenda of ASEAN Summit to be held on 3rd April since the Chinese President’s visiting plan to Cambodia had been already prepared for long and ASEAN’s agendas had also been already set up. PM Hun Sen and President Hu presided over a signing ceremony on 10 agreements:

1.      The exchange of notes on human resource development project of 5 million Yuan between the two countries’ governments
2.      Agreement on technical and economic cooperation between both governments (grant aid of 250,000 Yuan)
3.      The exchange of notes on upgrading National Road No. 7 (270,000 Yuan)
4.      The exchange of notes on agricultural vocational training school in Kratie (310 thousand Yuan)
5.      Framework agreement on Chinese concessional loan to Cambodia on Kanghot irrigation development project-phase II (209 million Yuan) between both countries’ governments
6.      Framework agreement on Chinese concessional loan to Cambodia on Kanghot irrigation development project-phase II (209 million Yuan) between Cambodia’s Ministry of Economy and Finance and the Export-Import Bank of China
7.      Agreement for buyer on National Road No. 5 Expansion (55.309 million USD)
8.      MoU on Bilateral Cooperation on tourism development and investment between Cambodia’s Ministry of Tourism and China Development Bank
9.      Agreement on loan transaction between Cambodia’s Union Commercial Bank and China Development Bank
10.  Agreement on Joint Credit for Cambodia Power Plant between CHDG Erdas Hongjun Electric Power co., ltd and China Development Bank.

On top of this, visiting President Hu said that China will grant over 2500 million Yuan to support social development in Cambodia and pledged to increase more trade with Cambodia to reach 5000 million USD by 2017. In 2011, trade volume between both nations was just 2500 million dollars.

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