Japan to provide 8-mln-USD loan for poverty reduction in Cambodia

Cambodian children is owing 8.695 million US more to Japan, is Cambodia government too poor or too much corruption? Cambodia economic have been rising every year and billion dollars revenue should be more than enough to feed 14 million citizens.

Japan Tuesday agreed to provide 8.695 million U.S. dollars of loan for poverty reduction and economic growth operation in Cambodia.

The loan from Japan will mainly support the implementation of the good governance reform program in the royal government's National Strategic Development Plan 2006-2010, said Hor Namhong, Cambodian deputy prime minister and minister of Foreign Affairs and International Cooperation, after signing the note of exchange with Japanese officials.

The loan will be paid in 40 years with an annual interest rate of 0.01 percent, said a press release from the Japanese Embassy.

With the current loan project, the total amount of Japan's loan for Cambodia has so far reached 146 million U.S. dollars, it added.

Source: Xinhua