APD | Cambodia's Minister of Commerce seeks loan from bank of China

By APD writer Kin Ratha

Phnom Penh, Mar.18 (APD) -- Minister of Commerce of Cambodia on Monday suggested Bank of China to consider for loan disbursement into the Silo project for contribution to the rice sector in Cambodia.

The request was made during the meeting between Cambodia’s Minister of Commerce Pan Sorasak and Mr.Chen Changjiang, CEO of Bank of China Phnom Penh at the ministry. 

Mr.Sorasak said that presently, there are a lot of investments from China into Cambodia in various sector. He said now the ministry is helping to buy paddy rice from farmers to process for export however the limit capacity for silo is the challenge for the government to reach its goal of exporting 1 million tons of milled rice. 

“In the sense, I suggest the Bank of China to seek the possibility to inject more loan for the construction of the silo and more loan into the agricultural sector,” said Mr.Sorasak. 

Mr.Chen Changjiang agreed that he will take the request from the minister to study the possibility for injecting more loans into the agricultural sector in Cambodia. He suggested the minister to sign a Memorandum of Understanding with his bank  in order to set up a Chinese Desk in the ministry in order to facilitate the Chinese businessmen and also helping to set up the cash settlement via WeChatPay or Alipay which is very popular and also to cooperate with the ministry to develop the e-commerce. 

Mr.Sorasak accepted the proposal and allowed Bank of China to draft the MoU to seek the suitable date for signing.

(ASIA PACIFIC DAILY)