Bangkok--16 Aug--EXIM Thailand
NEDA, in cooperation with EXIM Thailand, provides a 1.3-billion-baht loan for the Highway Route No. 67 Development Project conditional upon the Cambodian government’s procurement of good and services of Thai origin. The lending aims to facilitate road traveling from Anlong Veng to Siem Reap as well as cross-border business transactions between the two countries, paving the way to an increase in Thailand’s export of oil, construction materials, agricultural equipment and consumer products to Cambodia.
Lt. Nophadol Bhandhugravi, President of Thailand’s Neighbouring Countries Economic Development Cooperation Agency (Public Organization) (NEDA), Dr. Apichai Boontherawara, President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Keat Chhon, Senior Minister, Cambodia’s Ministry of Economy and Finance, signed a 1.3-billion-baht loan agreement to finance the Cambodian government’s procurement of goods and services originating from Thailand for the rehabilitation of Highway Route No. 67 between Anlong Veng and Siem Reap at InterContinental Hotel in Phnom Penh, Cambodia, on August 10, 2006.
According to EXIM Thailand President, Thailand’s financial support to Cambodia was initiated by NEDA in an attempt to upgrade major highways linking neighboring countries with local Thai business communities, including those along the Thai-Cambodian border. The assistance also forms an integral part of the Greater Mekong Subregion’s land transport network improvement scheme. However, under EXIM Thailand’s policy of Thai export and overseas investment promotion, the Cambodian government is required to engage Thai construction contractors and project consultants as well as procure Thai goods and services for this project. The two-lane highway of 131 kilometers connecting Anlong Veng and Siem Reap in Cambodia extends to reach Thailand at Chong Sa-ngam permanent border checkpoint in Phu Singh district, Si Sa Ket province.
After project completion expected for 2010, Thai and Cambodian people will benefit from more convenient land transportation and expansion of Thai-Cambodian trade and investment. The project will also help enhance regional tourism stretching from the Northeast of Thailand to Cambodia’s Angkor Wat and Angkor Thom, which is one of the seven wonders of the world, in Siem Reap. This will, eventually, result in rising demands for Thai products including oil, construction materials, agricultural equipment, consumer products, and particularly Thai food that has become increasingly popular among Thai and foreign visitors to Cambodia.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand (EXIM Thailand) is a state-owned specialized financial institution under the Ministry of Finance’s supervision. Established under the Export-Import Bank of Thailand Act B.E. 2536 (1993), which was amended in 1999 to expand its role in supporting investments, EXIM Thailand was mandated to provide financial services for the promotion and facilitation of Thailand’s exports, imports and investments for national development. The Bank’s objectives are to strengthen the competitive edge of Thai exporters and investors abroad as well as promoting business activities that contribute to the earning or saving of foreign exchange.
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