China is the Biggest Cambodia’s Loans in 2012

China will loan Cambodia at least USD 767 million among the overall loan totally more than USD 1 billion next year, Ministry of Economy and Finance said.

According to the draft of the fiscal year in 2012, Cambodia plan to borrow at least USD 1 billion from the development partners to develop the country, and China will be lend to Cambodia 62% of the total loan.

We expect to access loan almost USD 956 million from the bilateral development partners and USD 269 million from the mutual development partners, a high ranking officer at the Ministry of Economy and Finance said.

“Among them, China promise to loan us 62% of the total expected loans in 2012, and Asia Development Bank will loan us USD 239 million”, he said.

Beside this the expected loan will come from Japan around USD 119 million, South Korea USD 70 million and International Fund for Agriculture Development also promise to loan USD 30 million more, therefore totally we will received at least USD 1.2 billion, but our draft fiscal year the cabinet ministers recently approved us to loan only USD 1 billion, he said.

Cambodian Cabinet Ministers recently approved the draft law of financial management for 2012 worth up to 10,767,982 million riels, or USD 2.6 billion, according to Press and Quick Reaction Unit’s press release.

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