Phnom Penh – South Korea on Monday signed up to provide a grant aid of 21 million U.S. dollars to Cambodia to support four projects for rural development, waterway improvement, health and the stock market.

The aid agreement for 2014 was inked between Cambodian Deputy Prime Minister and Foreign Minister Hor Namhong and South Korean Ambassador to Cambodia Kim Han-Soo.

Speaking after the signing ceremony, Hor Namhong said 8 million U.S. dollars of the total aid would be used for a self-supporting rural development project, 5.5 million U.S. dollars for the feasibility study on waterway improvement for Phnom Penh Port logistics development, 5 million U.S. dollars for the health sector, and 2.5 million U.S. dollars for technical support to the development of the fledgling securities market.

“The grand aid will contribute to assisting the Cambodian government’s strategy in social and economic development,” he said.

The aid showed South Korea’s commitment to supporting Cambodia in its social and economic development, Kim Han-Soo said, adding that the South Korean government was considering providing more concessional loans to Cambodia for road construction. Source: Xinhua