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Cambodia to receive loan from France

| Publication date 28 October 2015 | 06:45 ICT

Cambodia to receive loan from France

The French Development Agency (AFD) will lend €104 million (about $115 million) to Cambodia for a variety of projects in the country.

French Foreign Affairs Minister Laurent Fabius signed the loan with Prime Minister Hun Sen on Monday afternoon.

According to AFD, €70 million will go to Electricite du Cambodge to extend power lines through Koh Kong, Kratie and Kampong Cham provinces.

Eleven million euros will pay for the construction of tourism sector vocational training schools – one in Phnom Penh and one in Sihanoukville.

Eight million euros will support the Siem Reap Water Authority’s construction of a water facility and pipes.

The remaining funds will go to the Ministry of Labour to bolster vocational training.

According to the AFD, the loans mature in about 15 to 20 years, including four to seven years of grace period.

Philippe Steinmetz, the AFD country director for Cambodia and Laos, said in an email that AFD is planning to "lend to Cambodia an average of 50-80 million Euros per year, in line with the country’s priorities and borrowing plan".

France and Cambodia also signed an extradition treaty at the meeting.

Contact author: Igor Kossov

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