The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-hoon, “Korea Eximbank") announced on March 29 that it will provide a USD 13.3 million EDCF* loan to fund the ‘Improvement of Siem Reap River Phase ⅡProject’ in Cambodia.
* The Economic Development Cooperation Fund (EDCF) was established by the Korean government in 1987 to promote economic exchanges with the developing world and to assist developing countries in achieving industrialization and economic stability through the provision of long-term, low-interest credit. Korea Eximbank currently manages the fund as its trustee. A total of USD 11,800 million in EDCF loans (commitment basis) has been provided to 350 projects in 53 countries as of the end of 2015.
Deputy President of Korea Eximbank Hong Young-Pyo met with Cambodian Finance Minister Aun Pormoniroth and signed the loan agreement in Phnom Penh.
The Improvement of Siem Reap River Phase ⅡProject’ is one of the top priority national development plans of the Cambodian government, which aims to improve the Siem Reap river downstream.
Siem Reap is a tourism destination and site of internationally well-known temple complex, Angkor Wat. It is about 200km northwest of Phnom Phenh, the capital.
Siem Reap is in an urgent situation to receive support for the project since the city has been suffering from frequent flooding in every rainy season.
Upon completion of the project, it is anticipated that the damage caused by flooding would be significantly reduced thanks to the flood control management which will be developed in the project. Also, it will improve the lives of residents and prevent water-borne diseases in the region.
Furthermore, it will help Korean companies with advanced technology in water resources development advance into the water resources market.
The Bank's Deputy President Hong remarked, "We expect that the project will contribute to preserving Angkor Wat in Siem Reap." He added, "We also anticipate people in the region will enjoy additional income through preserving the heritage."
