Korea Signs Agreement to Provide $3 Billion ODA Fund to Cambodia

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Economy and Finance, is speaking about economic issues at the Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 13th. Photo by Jo Yong-jun jun21@

The Ministry of Economy and Finance announced on the 16th that South Korea and Cambodia have signed an agreement to increase the scale of Official Development Assistance Fund (EDCF) loan support.

On the same day, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok signed the basic EDCF agreement between the Korean and Cambodian governments with Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Sok Chenda Sophea.

The EDCF is a fund lent to developing countries under long-term and low-interest conditions to support the economic and industrial development of developing countries.

According to the agreement signed on this day, the scale of EDCF loan support to the Cambodian government has been increased from $1.5 billion for 2022?2026 to $3 billion for 2022?2030.

Both sides highly evaluated the acceleration of cooperation in areas such as logistics infrastructure and climate change response following the bilateral summit, and expected the development cooperation partnership between the two countries to be strengthened.

Based on this basic agreement, the Ministry of Economy and Finance plans to support the discovery of high value-added large-scale projects in Cambodia to expand the participation of Korean companies in infrastructure projects.

This content was produced with the assistance of AI translation services.