Cambodia:50 Million Bank Project to Push Rice Export AKP Phnom Penh, September 02, 2013 — New project between Export-Import Bank of China and Rural Development Bank (Cambodia) will further push Cambodia’s commitment to export one million ton of rice by 2015. Through the project, the Export-Import Bank of China will finance the Rural Development Bank, owned by the Royal Government of Cambodia, as much as US$50 million for necessary investments to increase the country’s rice export. “The US$50-million-worth project of the two banks is just our first step. And the official agreement will be made no later than October this year,” said Mr. Son Kunthor, President of the Rural Development Bank, who met and discussed the project with Mr. Wang Yi, Deputy Governor of the Export-Import Bank of China, last week in Phnom Penh. He added that political stability, constant economic growth and financial support from friendship countries will enable Cambodia to hit the goal of one million ton of rice export by mid of the 2010s. Financial support is very important because we need the funding not only to build high-quality rice processing factories, but also to operate our rice trading, he said. In 2013, Cambodia is estimated to export some 350,000 tons of rice.
Posted on: Mon, 02 Sep 2013 06:13:24 +0000
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