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China lends Cambodia $351 million for road, as leaders mark 60th anniversary of diplomatic ties
Updated about 7 hours ago
China has lent Cambodia $351 million to build a new road in the capital Phnom Penh with Cambodia describing relations between the two countries as being at the "best stage" ever.
Key points:
Cambodia's long-serving Prime Minister Hun Sen is China's strongest regional ally.
He looks set to win a general election on July 29 and extend his 33-year rule after the main opposition was dissolved last year at his Government's request, prompting criticism from the international community.
China's backing has bolstered Mr Hun Sen in the face of criticism over what his opponents have said amounts to his destruction of democracy ahead of the election.
The concessional loan agreement was signed on July 10 between the Export-Import Bank of China and Cambodia's Ministry of Finance to build a four-lane, 47-kilometre city ring road, the Finance Ministry said in a statement on Friday.
The signing is another new, fruitful and comprehensive strategic partnership between the Kingdom of Cambodia and the People's Republic of China," the statement said.
The new agreement comes as China and Cambodia celebrated the 60th anniversary of their diplomatic ties.
"Looking back at 60 years of our diplomatic relations, I can state without a doubt that the relationship and cooperation between the two countries … are at the best stage than ever before," Cambodia's Foreign Affairs Minister Prak Sokhonn wrote in a letter to his Chinese counterpart Wang Yi.
The China-Cambodia friendship, built upon the Five Principles of Peaceful Coexistence, has withstood the test of time and global changes and has grown stronger, Chinese President Xi Jinping said in a congratulatory message to Cambodian King Norodom Sihamoni.
The Chinese leader said he is pleased to see that the bilateral relations have achieved new significant development, with the political mutual trust enhanced and their cooperation on Belt and Road Initiative yielding remarkable results.
China has poured billions of dollars in development assistance and loans into Cambodia through bilateral frameworks and China's Belt and Road initiative to build a new Silk Road.
That has attracted a flood of Chinese commercial ventures in the country, including casinos and special economic zones.
"China will continue to firmly support Cambodia in following a development path suitable to its national conditions," Chinese Premier Li Keqiang said in a letter to Hun Sen on July 19.
In his message, King Sihamoni said that Cambodia firmly adheres to the one-China policy, adding that China is fully supportive of Cambodia choosing a development path that suits its national conditions.
The Cambodian king said that as the world's second-largest economy, China is playing an increasingly important role in the world, bringing tangible benefits to countries around the globe including Cambodia.
Reuters
http://www.abc.net.au/news/2018-07-20/china-lends-cambodia-350-million-dollars-for-new-road/10018924
Updated about 7 hours ago
China has lent Cambodia $351 million to build a new road in the capital Phnom Penh with Cambodia describing relations between the two countries as being at the "best stage" ever.
Key points:
- The concressional loan is to build a four-lane, 47 kilometre city ring road
- Leaders from both countries praised each other on 60 years of strong diplomatic relations
- China has poured billions into Cambodia through bilateral frameworks and the One Belt One Road initiative
Cambodia's long-serving Prime Minister Hun Sen is China's strongest regional ally.
He looks set to win a general election on July 29 and extend his 33-year rule after the main opposition was dissolved last year at his Government's request, prompting criticism from the international community.
China's backing has bolstered Mr Hun Sen in the face of criticism over what his opponents have said amounts to his destruction of democracy ahead of the election.
The concessional loan agreement was signed on July 10 between the Export-Import Bank of China and Cambodia's Ministry of Finance to build a four-lane, 47-kilometre city ring road, the Finance Ministry said in a statement on Friday.
The signing is another new, fruitful and comprehensive strategic partnership between the Kingdom of Cambodia and the People's Republic of China," the statement said.
The new agreement comes as China and Cambodia celebrated the 60th anniversary of their diplomatic ties.
"Looking back at 60 years of our diplomatic relations, I can state without a doubt that the relationship and cooperation between the two countries … are at the best stage than ever before," Cambodia's Foreign Affairs Minister Prak Sokhonn wrote in a letter to his Chinese counterpart Wang Yi.
The China-Cambodia friendship, built upon the Five Principles of Peaceful Coexistence, has withstood the test of time and global changes and has grown stronger, Chinese President Xi Jinping said in a congratulatory message to Cambodian King Norodom Sihamoni.
The Chinese leader said he is pleased to see that the bilateral relations have achieved new significant development, with the political mutual trust enhanced and their cooperation on Belt and Road Initiative yielding remarkable results.
China has poured billions of dollars in development assistance and loans into Cambodia through bilateral frameworks and China's Belt and Road initiative to build a new Silk Road.
That has attracted a flood of Chinese commercial ventures in the country, including casinos and special economic zones.
"China will continue to firmly support Cambodia in following a development path suitable to its national conditions," Chinese Premier Li Keqiang said in a letter to Hun Sen on July 19.
In his message, King Sihamoni said that Cambodia firmly adheres to the one-China policy, adding that China is fully supportive of Cambodia choosing a development path that suits its national conditions.
The Cambodian king said that as the world's second-largest economy, China is playing an increasingly important role in the world, bringing tangible benefits to countries around the globe including Cambodia.
Reuters
http://www.abc.net.au/news/2018-07-20/china-lends-cambodia-350-million-dollars-for-new-road/10018924
