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Cambodia receives $546m loan from Kuwait

 


August 25, 2008

Cambodia receives $546m loan from Kuwait

Kuwait has agreed to give Cambodia loans totaling $546 million to develop agriculture, build hydro-power facilities and construct roads, Reuters reported, quoting a Cambodian foreign ministry official said at a press conference.

This is the second-biggest aid pledge ever received by Cambodia, after aid and loans totaling $601 million offered by China last year, the official said.

A Kuwaiti newspaper reported that Kuwait had leased rice fields in Cambodia to secure food supplies after Prime Minister Shaikh Nasser Al Mohammad Al Sabah met Cambodian leaders earlier this month.

About $486 million from the Kuwaiti loan will be invested in irrigation systems and hydro-power on the Stueng Sen river.

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