S. Korea signs framework agreement with Cambodia for economic cooperation funds

SEOUL, May 16 (Yonhap) -- South Korea signed a framework agreement with Cambodia on Thursday to double its economic cooperation funds for the Southeast Asian country, the finance ministry said.

Finance Minister Choi Sang-mok signed the agreement on low-interest loan programs with Cambodia's Foreign Minister Sok Chenda Sophea in Seoul, according to the Ministry of Economy and Finance.

Under the agreement, the amount of the South Korean EDCF program for Cambodia will come to US$3 billion from 2022 through 2030, rising from their earlier agreed-upon amount of $1.5 billion for the 2022-2026 period.

"Based on the agreement, we will explore major high value-added projects in Cambodia, which South Korean companies can participate in," the ministry said in a release.

The agreement was signed as Cambodian Prime Minister Hun Manet visited South Korea for a summit with President Yoon Suk Yeol.

South Korea launched the EDCF program in 1987 with the purpose of supporting economic and social infrastructure projects in developing countries.

graceoh@yna.co.kr
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