Long-Delayed Donor Meeting Set for Wednesday
September 24th, 2012, The Cambodia Daily, Foreign Aid, International Relations, News Source, Technical Assistance
The government and its foreign donors are preparing for their next high-level aid meeting Wednesday, their first sine the government surprised donors in August 2011 by indefinitely suspending the meetings, citing the global financial crisis. …
However, officials at the Finance Ministry and the Council for the Development of Cambodia, which traditionally hosts the donor meetings, denied knowledge of Wednesday’s get-together.
The meeting in question is the Government-Development Partner Coordinating Committee (GDCC), which the government typically hosts every six months but has not been held since April 2011, nearly one-and-a-half years ago. …
Speaking on condition of anonymity because of the sensitivity of the issue, two separate NGO workers said the government was also expected to approve an updated list of reforms, known as Joint Monitoring Indicators, at Wednesday’s meeting, something usually reserved for meetings of the CDCF [Cambodian Development Cooperation Forum].
Zsombor Peter, P. 16
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Chinese language study surging in Cambodia
September 22nd, 2012, Economics Today, Business & Commercial Development, Foreign Aid, Foreign Investment, International Relations, News Source, Social Concerns, Technical Assistance
…As China has risen to become the world’s second-largest economy and cemented close political and economic ties with the Kingdom, many people see advantages in speaking the language of their powerful northern benefactor. …
From 1994 to 2011, data from the Council for the Development of Cambodia show that investment from China totaled US$8.91 billion, making it the Kingdom’s biggest foreign investor. …
In terms of media, Chinese is also booming. There are four Chinese-language newspapers in the country; …
But to become a real world language, according to Jeffrey Gil, a lecturer in the Department of Language studies at Australia’s Flinders University, the language will need to become appealing to even more people and be used in an international context in a variety of fields. …
Heng Socheat, P. 16
http://etmcambodia.com
U.S. to aid Cambodia in agriculture, food security, environment
September 20th, 2012, Xinhua News, Agriculture & Agri-business, Foreign Aid, International Relations, Technical Assistance
The United States will sign up to provide 18.5 million U.S. dollars to Cambodia to support the country’s priorities in agriculture, food security, and climate change adaptation and mitigation, according to a media release from the U.S. Embassy here on Thursday.
The agreement will be signed in Phnom Penh on Sept. 21 between Cambodian Deputy Prime Minister and Minister in charge of the Council of Ministers Sok An, and Flynn Fuller, director of the U.S. Agency for International Development (USAID) to Cambodia, said the press release…
Xinhuna
http://news.xinhuanet.com/english/world/2012-09/20/c_131863234.htm
Anti-Eviction Activists Ask EU, World Bank for Help
September 20th, 2012, The Cambodia Daily, Construction, Disputed Land, Economic Land Concessions, Foreign Aid, Infrastructure, International Relations, Land Tenure, News Source, Social Concerns, Technical Assistance
Residents of Phnom Penh’s Boeng Kak and Borei Keila communities delivered petitions to the offices of the European Union and World Bank yesterday in their ongoing attempts to enlist Cambodia’s aid donors in their efforts to have jailed anti-eviction activists released from Prey Sar prison. …
About 100 residents from the two communities joined yesterday’s trip to the country offices of the E.U. and World Bank by tuk-tuk, as police have recently prevented them from staging their usual foot marches on the ground that they were disrupting public order. …
Khuon Narim, P. 18
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Changing a culture of impunity
September 19th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Financial Services, Foreign Aid, International Relations, News Source, Social Concerns, Technical Assistance
… Despite the recent spate of high-profile arrests and deportations, analysts, attorneys and civil society groups are divided on whether the Kingdom is finally beginning to live down its reputation as a haven for the fugitives and criminals who have long been drawn to the country for its perceived culture of impunity. …
Council of Ministers spokesman Phay Siphan acknowledged the increase in deportations and extraditions, but rejected the notion that it was tied to economic benefits, calling it instead “a duty we have to do”. …
The Cambodian government has often come under fire from rights groups for alleged pay-for-play deportations, thanks to certain soft loans and aid packages coming immediately before or after high-profile arrests. …
[R]ecently, Cambodian and Swedish officials denied insinuations that a US$57 million loan made on September 5 was related to the deportation of Pirate Bay founder Svartholm Warg five days later. Sweden said at the time that the loans were approved before the extradition proceedings began. …
Stuart White, P. 1
http://www.phnompenhpost.com/index.php/2012091958800/National-news/cambodia-is-not-the-criminal-haven-it-once-was.html
Cambodia Asks China to Fund Power Cables
September 15th, 2012, The Cambodia Daily, Banking & Finance, Borrowing, Business & Commercial Development, Economics, Electricity, Energy, Financial Services, Foreign Aid, Foreign Investment, Hydroelectricity, Infrastructure, International Relations, News Source, Technical Assistance
Two weeks after Prime Minister Hun Sen returned from China with more than half a billion dollars in new loans and grants, Cambodia once again asked Beijing for money on Thursday.
In a bilateral discussion held alongside this week’s series of meetings between Asean energy ministers, Cambodia asked a delegation of Chinese energy officials for $50 million per year to help provide electricity to rural Cambodians, Minister of Industry, Mines and Energy Suy Sern said. …
Mr. Sern said that the money would go toward laying electricity cables, and private companies would then sell that power to villagers. …
Mr. Sern said that in a separate meeting yesterday with Thai Energy Minister Arak Chonlatanon, a $3 billion investment was confirmed from a part-state owned Thai energy company to build a coal-fired plant in Koh Kong province. …
Phorn Bopha, P. 13
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Come floods or high waters, most MFIs continue to loan
September 11th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Debt Servicing, Disasters & Disaster Management, Financial Services, Foreign Aid, News Source, Social Concerns, Technical Assistance
After experiencing decades of floods, Cambodia’s microfinance institutions say they no longer have problems disbursing loans during the rainy season, according to the head of Cambodia’s Microfinance Association (CMA).
A survey issued early this year by a coterie of international aid organisations, including Oxfam, Care, PACT and CRS, showed that about 400 households were affected by the floods last year. It said before the flood, nearly two-thirds of the families took some debt from microfinance institutions and unofficial lenders.
Because of flooding, about 48 per cent of families took an additional loan worth an average of approximately US$635. …
During the closing of the annual meeting of the Ministry of Rural Development, Prime Minister Hun Sen called for all Cambodia’s MFIs to help the victims.
May Kunmakara, P. 8
http://www.phnompenhpost.com/index.php/2012091158629/Business/floods-are-not-a-problem-for-loan-payment.html
Cambodia Says No Strings Attached in Recent Chinese Aid
September 10th, 2012, The Cambodia Daily, The Wall Street Journal, Banking & Finance, Borrowing, Business & Commercial Development, Disputed Waters, Foreign Aid, Foreign Investment, International Relations, Land Tenure, News Source, Technical Assistance
China has done a lot to support Cambodia over the years, with millions of dollars in aid, loans and investment. But after reports last week that China has pledged another $500 million in soft loans and grants-and publicly thanked Cambodia for its support in Southeast Asia-Cambodian officials want to be sure no one suspects the little country is falling too much under China’s sway.
CPP lawmaker Cheam Yeap, chairman of the Commission on Economy, Finance, Banking and Audit at the National Assembly, said China’s loans have nothing to do with Cambodia’s recent support for China in disputes involving South China Sea, parts of which are claimed by China and several Southeast Asian states. …
The latest loans are just “encouragement from China’s premier Wen Jiabao,” Mr. Yeap said, adding that China doesn’t ask ask for anything in return. Rather, China just “sees that Cambodia is in need for [money] to develop the country,” he said.
Patrick Barta, P. 19
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Japan to Give $840,000 To Demining Projects
September 8th, 2012, The Cambodia Daily, Farmland, Foreign Aid, International Relations, Land Tenure, News Source, Social Concerns, Technical Assistance
Japan signed an agreement Thursday with the Japan Mine Action Service (JMAS) to provide $839,363 to deining projects in Battambang province, which will benefit about 5,500 residents.
Together with the Cambodian Mine Action Center (CMAC), which will receive almost half of the donations from Japan, JMAS said they would clear about 250 hectares of land in Ratanak Modol’s district’s Chea Montrei, Svay So, Phchev and Chi Sang villages. …
The Japanese ambassador said that although assistance in demining efforts is only part of Japan’s development assistance to Cambodia, it is a very important project. …
Denise Hruby, P. 11
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Acleda takes out $10 Million
September 7th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Business & Commercial Development, Economics, Financial Services, Foreign Aid, Foreign Investment, International Relations, News Source, Technical Assistance
Acleda Bank has signed a $US10 million loan agreement with Proparco, a development finance institution held in part by the Agence Francaise de Développement (AFD), according to a statement released on Wednesday.
With the Kingdom’s financial sector expanding rapidly and a growing demand for banking and financial services among Cambodians, the loan seeks to support the growth of the commercial bank’s loan portfolio, according to the release. …
Acleda president and chief executive In Channy said the money was needed to fin-ance long-term projects such as housing loans. …
The $10 million loan, which has a five-year maturity, and is the second such support Acleda has received from the French institution. …
The Acleda loan will take the number of Proparco’s interventions in the Cambodian financial sector to six. …
Anne Renzenbrink, P. 9
http://www.phnompenhpost.com/index.php/2012090758553/Business/acleda-takes-out-10m-loan.html
Officials deny arrest has links to new loans
September 7th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Foreign Aid, International Relations, News Source, Social Concerns, Technical Assistance
The rumour mill has been in overdrive regarding the arrest of The Pirate Bay co-founder Gottfrid Svartholm Warg; however, various government officials yesterday shunned the conspiracy theories.
Tom Abrahamsson, head of administrative and consular matters at the Swedish Embassy in Phnom Penh, refuted speculation that Svartholm Warg’s arrest occurred after a recent visit to the embassy because his passport was due to expire. …
Swedish officials also refuted speculation the arrest was linked to Wednesday’s US$57 million loan to Cambodia. …
Online communities were awash with other theories linking the arrest to the Cambodian visit of US Trade Representative Ron Kirk. The US has taken a heavy stance on copyright infringement and according to a WikiLeaks cable from 2008, the US was pressuring Sweden to crackdown on The Pirate Bay. …
Justine Drennan, P. 5
http://www.phnompenhpost.com/index.php/2012090758558/National-news/officials-deny-arrest-has-links-to-new-loans.html
Cambodia will spend $67 million finance to restore infrastructure from last year flood damage
September 6th, 2012, South East Asia Weekly, Climate Change, Construction, Disasters & Disaster Management, Economics, Foreign Aid, Infrastructure, International Relations, Technical Assistance
ADB (Asian development bank) pledged to offer $55 million loan for infrastructure restoration from flood damage last year in Cambodia. At the same time, AusAid also offered 5.25 million US dollars, and the Cambodian government will spend 6.39 million US dollars for the whole infrastructure restoration project…
SEA Weekly Staff
http://thesoutheastasiaweekly.com/?p=4483
Soft loan from Sweden
September 6th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Climate Change, Economics, Environment & Natural Resources, Foreign Aid, International Relations, News Source, Social Concerns, Technical Assistance
Sweden loaned Cambodia US$57 million yesterday for economic country development and cooperation for the duration of 2012-2013.
The agreement was made between Cambodia’s Economic Minister Keat Chhon and Swedish ambassador to Cambodia Anne Hoglund at the Council for the Development of Cambodia (CDC) yesterday morning.
Keat Chhon said the agreement is mainly to support the 2012-2013 implementations of activities in priority areas – likely economic development, democratic development, human rights, education and climate change. …
May Kunmakara, P. 7
http://www.phnompenhpost.com/index.php/2012090658528/Business/soft-loan-from-sweden.html
China Gives $523M, Thanks Cambodia for Asean Help
September 4th, 2012, The Cambodia Daily, Banking & Finance, Borrowing, Business & Commercial Development, Construction, Economics, Foreign Aid, Foreign Investment, Infrastructure, International Relations, News Source, Technical Assistance
Prime Minister Hun Sen returned home yesterday from a quick trip to Beijing with the promise of some $523 million in new loans and grants, one day after Chinese Prime Minister Wen Jabao praised Cambodia for helping China maintain “friendly relations” with Asean. …
Speaking with reporters at Phnom Penh International Airport upon Mr. Hun Sen’s return from his meeting with Mr. Wen, Finance Secretary of State Aun Porn Moniroth said the new loans came at Cambodia’s request for unspecified infrastructure projects.
There are about $500 million in loans from the Chinese government for seven projects. Four of the projects have already been signed for $420 million, Mr. Moniroth said.
He said that Mr. Hun Sen returned with a grant of 150 Chinese yuan ($23.7 million) to spend any way the prime minister sees fit. …
Zsombor Peter and Khuon Narim, P. 1
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Chinese Credit Cache
September 4th, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Business & Commercial Development, Construction, Domestic Investment, Economics, Financial Services, Foreign Aid, Foreign Investment, Infrastructure, International Relations, News Source, Technical Assistance
Prime Minister Hun Sen has returned home from his trip to China a wealthier leader having secured upwards of US$2.5 billion in Chinese investment and loans over the next year alone, officials from the Ministry of Foreign Affairs said yesterday.
The package includes a $2 billion industrial park project by Chinese company Delong Holding Group that was agreed upon by Cambodia’s premier yesterday, minister attached to the Prime Minister and Secretary of State for Economy and Finance, Aun Porn Monirath, said at a press conference at Phnom Penh’s airport upon Hun Sen’s return yesterday afternoon. …
The company would cooperate with Cambodian investment officials to facilitate the large-scale project and “the selection of a proper location excluding Preah Sihanouk province, which the government has designated as a domestic and international coastal area”, Porn Monirath said, repeating the premier’s words. …
The request had received a “positive response” from China during the high-level bilateral talks between the two leaders while Hun Sen was in China for the China-Eurasia Expo being held in Urumqi of Xinjiang Uygur Autonomous Region. …
Highlighting the success of the Non-Aligned Movement summit, Porn Monirath said that Iran, China and North Korea had pledged their United Nations votes to Cambodia’s bid at a nonpermanent seat on the Security Council for 2013-2014.
Chhay Channyda and Rachael Will, P. 1
http://www.phnompenhpost.com/index.php/2012090458485/National-news/pm-secures-us2-billion-steel-project-from-chinese.html
China gives Cambodia aid and thanks for ASEAN help
September 4th, 2012, Reuters, Banking & Finance, Borrowing, Foreign Aid, Foreign Investment, International Relations
China has pledged more than $500 million in soft loans and grants to Cambodia and Prime Minister Wen Jiabao thanked it for helping Beijing maintain good relations with the regional grouping ASEAN, a Cambodian junior minister said.
A summit of the 10 members of the Association of Southeast Asian Nations (ASEAN) in July failed to issue a joint communique for the first time in the group’s 45-year history after disagreement over the wording of a section on territorial claims in the South China Sea.
Cambodia, which chairs ASEAN meetings this year, was accused by some countries in the group of stonewalling in support of its ally, China…
Reuters
http://www.reuters.com/article/2012/09/04/cambodia-china-idUSL4E8K41I320120904
$70 from India for power
September 3rd, 2012, The Phnom Penh Post, Banking & Finance, Borrowing, Business & Commercial Development, Economics, Electricity, Energy, Financial Services, Foreign Aid, Foreign Investment, Hydroelectricity, Infrastructure, International Relations, News Source, Technical Assistance, Trade
India is financing the construction of a US$70 million transmission line to bring electricity from hydroelectric projects in Laos to Cambodia, according to Indian Chamber of Commerce President Debasish Pattnaik.
Speaking yesterday after the official launch of the Indian Chamber of Commerce in Cambodia (ICC), Pattnaik said Laos has signed an agreement with the Asian Development Bank (ADB) to finance the transmission lines from Laos to Stueng Trang and the $70 million soft loan from the Indian government would finance the line from Stueng Trang to Kratie. …
Pan Sorasak, Secretary of State for Ministry of Commerce, said trade between Cambodia and India was starting to grow stronger. “I hope we start to do more direct work because now we are working to process many works together to promote direct investment.” …
Stuart Alan Becker and Rann Reuy, P. 7
http://www.phnompenhpost.com/index.php/2012090358436/Business/70m-from-india-for-power.html
IMF Calls on Cambodia to Broaden Tax Base
September 1st, 2012, Cambodian Business Review, Banking & Finance, Business & Commercial Development, Economics, Foreign Aid, International Relations, News Source, Technical Assistance
….Cambodian government must rise its tax revenue intake if it to stay on a sustainable path toward development, International Monetary Fund officials have said.
Although Cambodia is experiencing increased growth in trade and investment, the country should broaden its tax base to create sustainable revenue collection, a mantra echoed by development partners and donor agencies/countries as well as international financial institutions. …
Cambodia cureently derives the majority of its tax revenue from taxes on goods and services, while income and capital gains taxes-difficult to engineer in an overwhelming rural, cash-based economy-remain low. …
The IMF estimated that, based on its experience in similar countries, Cambodia’s tax revenue to gross domestic product (GDP) ratio is about 5%-7% below its potential. …
M.H. Tee, P. 15
http://www.cambizreview.com/
Japan to Study Angkor Wat Park Environment
August 31st, 2012, The Cambodia Daily, Foreign Aid, International Relations, News Source, Technical Assistance
The Apsara Authority on Wednesday signed an agreement with the Japan Development Institute and two Japanese environmental management companies that will allow them to conduct a feasibility study into the natural environment and pollution in the Angkor Archaeological Park.
Yuki Edano, Japan’s minister of economy, trade and industry, and Commerce Minister Cham Prasidh were both in attendance at the signing ceremony in Siem Reap City, according to Tsuruda Masanori, director of the international affairs office of the Japanese Ministr of Economy, Trade and Industry. …
“We need to study a number of things,” he added, explaining that issues such as transport, electricity and water would be looked at as part of the study. …
Khy Sovuthy and Kate Bartlett, P. 18
http://www.camnet.com.kh/cambodia.daily/ (Note: Infrequently Updated.)
Study of Angkor impact to be done
August 31st, 2012, The Phnom Penh Post, Construction, Foreign Aid, Industry, Infrastructure, International Relations, News Source, Technical Assistance, Tourism
Apsara Authority on Wednesday signed a memorandum of understanding (MoU) with three Japanese companies to conduct a feasibility study to solve various environmental problems in the Angkor area.
The MoU was signed between Bun Narith, director general of Apsara Authority, Shoichi Kobayashi, chairman of the Japan Development Institute, Yasumasa Isetani, director of the JGC Corporation, and Makoto Nagao, director of the MAEDA Corporation. It was witnessed by Cham Prasidh, Cambodia’s minister of commerce, and Japan’s Minister of Economy, Trade and Industry, Yukio Edano.
The MoU is aimed at solving various environmental problems in the Angkor area through the introduction of state-of-the-art technology and building on its eco-friendly heritage model to include a possible emissions-free zone, according to a statement released on the signing. …
May Kunmakara, P. 7
http://www.phnompenhpost.com/index.php/2012083158397/Business/study-of-angkor-impact-to-be-done.html