Bank to study loan possibilities for rice
Delegates from the Import-Export Bank of China will visit Cambodia next week to discuss loans for the rice-processing and exporting sector, according to government officials. Son Kunthor, president of the state-owned Cambodian Rural Development Bank, said yesterday that Chinese delegates will come to study the feasibility of providing loans to private investors to improve Cambodia’s rice processing. … The two sides have been unable to reach an agreement. The Chinese bank officials wanted the Cambodian government to insure the private loans, while the government did not see this as its responsibility, Son said. Loan interest rates from China are usually between 1 and 2 per cent annually, much cheaper than those offered by the Cambodian Rural Development Bank’s rate of seven per cent annually, he said. …
