ADB approves 42 mln USD of loan to restore railway for Cambodia

The Asian Development Bank (ADB) has approved 42 million U.S. dollars of loan for Cambodia to restore its railway, local media said on Wednesday.

This is part of the efforts to complete the ASEAN (the Association of Southeast Asian Nations) railway network which also connects China, said daily newspaper the Rasmey Kampuchea.

The agreement of providing the loan was signed by Minister of Finance and Economy Keat Chhon and C. Lawrence Greenwood, vice- president of ADB here on Monday.

The loan will be spent on restoring 254 km of railway road from Phnom Penh to seaport city Sihanoukville and also on 383 km of railway from Phnom Penh to Poipet town of Banteay Mean
Chey province next to the border with Thailand, the paper quoted Keat Chhon as saying.

The whole budget for restoring railway is worth about 73 million U.S. dollars, with 42 million from ADB, 13 million from the OPEC (the Organization of Petroleum Exporting Countries) Fund, 2.8 million as grant aid from Malaysia and the rest 15.2 million from the Cambodian government, he added.

Source: Xinhua .