The Government of Japan has decided to extend its Yen Loan up to the amount of ¥20,000,000,000, which is approximately US$185 million to Cambodia, for the COVID-19 Crisis Response Emergency Support-Phase 2.
The Exchange of Notes and other relevant documents on the loan extension were signed at the Peace Palace this morning between H.E. Prak Sokhonn, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and H.E. MIKAMI Masahiro, Ambassador of Japan to Cambodia, and between H.E. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Ms. KAMEI Haruko, Chief Representative of JICA Cambodia Office, under the chairmanship of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia.
According to a press release of the Embassy of Japan, in cooperation with World Bank, the loan is intended to help curb the spread of the COVID-19, maintain and reactivate economic and social activities that will help protect the economy, and preserve social protection. This loan is in addition to the 25 billion yen (equivalent to US$227 million), which was disbursed in January last year to serve for similar purposes.
Through the effective utilisation of this yen loan, it is expected that Cambodia's economy and society will recover more quickly due to the strengthening of the medical system and social support for the poor and vulnerable, and the provision of financial support to entrepreneurs, including small and medium-sized enterprises, it added.
“As Cambodia continues to develop its economy, it is important that the quality of life of each and every citizen of the country improves alongside national economic development. Japan would like to continue to support the Royal Government's efforts by utilising a variety of economic and social development schemes,” the press release underlined.
Source: Agency Kampuchea Press