Bangkok--29 Mar--EXIM BANK
Mr. Kematat Saicheur, Acting President of Export-Import Bank of Thailand (EXIM Thailand), Neak Oknha Kith Meng, Chairman and Chief Executive Officer of The Royal Group and Honorary Chairman of Thailand-Cambodia Joint Business Council, and Mr. Lersan Misitsakul, Director of The Royal Sands Koh Rong Co., Ltd., jointly signed a credit facility agreement for EXIM Thailand's long-term loan of USD 10 million to the Thai-Cambodian Company for its USD 19 million hotel project - The Royal Sands Koh Rong - in Koh Rong island, Cambodia, during the Thailand-Cambodia Joint Business Council Meeting at the Stock Exchange of Thailand on March 29, 2016.
EXIM Thailand Acting President said this financial support represents part of the Bank's role in promoting Thai entrepreneurs' investment outside Thailand, particularly cross border investment in the CLMV comprising Cambodia, Lao PDR, Myanmar and Vietnam, aiming to bring in foreign exchange earnings and create job opportunities for Thai people who will be employed as construction contractor and project management teams. The Royal Sands Koh Rong will be the first 5-star hotel in Koh Rong in Cambodia with full-fledged facilities, e.g. restaurants, spa, swimming pool, outdoor sports and activities. The hotel is scheduled to open for business by the end of 2016.
With 43 kilometers of sandy beaches, Koh Rong Island is located about 25 kilometers from Sihanoukville of Cambodia, in the Gulf of Thailand. The island has been designated by the Cambodian government as a new tourist destination as it is blessed with natural beauty with pristine beaches and coral reef. Cambodian tourism has expanded rapidly in the recent years, with approximately 4.5 million tourist arrivals recorded in 2014. Its seaside attractions including Koh Rong have drawn around 570,000 visitors, a 10.90% growth from the previous year. Besides hotel business, EXIM Thailand has rendered financial support to other businesses in Cambodia such as department store in Phnom Penh, air traffic control in Phnom Penh and Siem Reap, construction of power transmission line for exporting electricity from Thailand to Cambodia, and Cambodian government's construction of Highway 67 (Chong Sa-ngam - Anlong Veng - Siem Reap), in the total amount of over USD 130 million.
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