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Cambodia to Build a Factory with Chinese Loan
A joint-venture project on plain wood factory was signed Wednesday between Finance Minister Keat Chhon and Yang Zilin, president of advisory group and also president of Import and Export Bank of China.
Keat Chhon said that when the plain wood factory is commenced, it will employ about 400 to 500 workers and the project will help recycle the waste and old rubber of 200 cubic meters per day for exporting.
The agreement was signed at the Council of Ministers, witnessed by Prime Minister Hun Sen.
Hun Sen meanwhile said, "The assistance from China is very significant for the economic development and restoration of Cambodia."
He also said that it was the biggest project carried out by a Chinese partner during his new coalition government.
The project costs 99.6 million Chinese Yuan (US$ 12 million) by credit loan from China with a low interest rate of 3 per cent and the loan will be reimbursed after 12 years.
The plain wood factory will be built in Kompong Cham province, eastern Cambodia, about 120 kilometers from Phnom Penh.
The Chinese loan was approved in February 1999, during the visit by Cambodian Prime Minister to China.
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