Chinese Credit Cache

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.