Chinese Vice President Xi Jinping officially has visited Cambodia during a three-day state visit. China agreed to give US$1.2 billion in interest-free loans for Cambodia’s economic development in 14 different agreements during a signing ceremony at the Council of Ministers.

Khieu Kanharith, Information Minister and government spokesman, told reporters during a press conference that Cambodia accepts $1.2 billion pledged in 14 different agreements during a ceremony hosted at the Council of Ministers by Prime Minister Hun Sen and Vice President Xi Jinping.

China has donated more than $2 billion in various loans and aid to Cambodia from 1992 until recent agreements. But before a signing ceremony, Beijing had offered $930 million in low-interest loans and financial aid to Cambodia since 1992.

Totaling 14 different agreements of loans will be given for economic development and soft loans for the construction of roads, transport infrastructure, communication equipment and irrigation projects.

Other agreements include a soft loan for an electricity transmission loop line around the capital to be built by China National Heavy Machinery Co, and economic and technical cooperation with an interest-free loan of 50 million yuan ($7.3 million), along with another grant of the same value – also for technical assistance – although their exact use was not specified, according to the Phnom Penh Post.

This entry was posted on Friday, December 25th, 2009 at 3:36 pm and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.