Phnom Penh Post Cambodia was in discussions with the Chinese government on funding for a 250-kilometre stretch of rail line between Phnom Penh and Vietnam, in what Cambodian officials yesterday called a move away from a “complicated” Asian Development Bank loan.
Va Sim Sorya, director general at the Ministry of Public Works and Transportation, said the government could do without the requirements tagged to ADB loans, and fund the project with up to US$600 million in Chinese backing.“China doesn’t have so many conditions, but Chinese technicians are still well-studied,” he said yesterday at a workshop on infrastructure, although he did not specify which conditions were undesirable.
Interest rates on ADB concessional loans averaged an annual 1.32 per cent after grace periods, according to data compiled by NGO Forum for Cambodia last year. China’s concessional lending held the highest rates from any institution or country at an average 1.83 per cent per year.
China may fund Cambodia-Vietnam rail
CLMV economies Outlook by EIC Q1/2021
Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.
The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.(more…)
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
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