Fund raising: Kingdom may borrow more in 2012
Cambodia could borrow US$1.1 billion from other countries in 2012, 75 per cent more than this year, to help repair infrastructure damaged in flooding and support efforts to increase rice exports to one million tonnes by 2015, a senior official said yesterday. Cheam Yeap, chairman of the Finance Commission, said the borrowing, which has to be approved by parliament, would come in the form of concessionary, 40-year loans at low interest rates. He declined to say which countries might offer the loans but said that of Cambodian’s current debt of around $8 billion, some $6 billion was owed to its closest ally, China. Another $1.5 billion is owed to Russia and $317 million to the United States, he added…
