UAE prince to in­vest in the King­dom

The Phnom Penh Post - - BUSINESS -

THE UAE has pledged to pro­vide a $500 mil­lion credit line to Cam­bo­dia to im­port goods from Arab coun­tries, a post on Prime Min­is­ter Hun Sen’s Face­book page said on Tues­day.

The pledge was made dur­ing a meet­ing be­tween Sheikh Ahmed bin Dal­mook bin Juma al-Mak­toum, a mem­ber of the UAE rul­ing fam­ily, to Prime Min­is­ter Hun Sen in Ph­nom Penh on Tues­day.

In ad­di­tion to the loan, Sheikh Ahmed will also con­sider other Cam­bo­dian in­vest­ment pos­si­bil­i­ties in sec­tors such as oil and gas, trade and fi­nance.

Eang Sophal­leth, a per­sonal as­sis­tant to the prime min­is­ter said this is the be­gin­ning of trade re­la­tions be­tween the two coun­tries, and through the credit line, Cam­bo­dia can pur­chase any type of good from that coun­try.

The prime min­is­ter asks rel­e­vant in­sti­tu­tions to dis­cuss where to start us­ing the bud­get.

The credit line ser­vice is a max­i­mum amount promised by coun­tries or pri­vate in­sti­tu­tions, depend­ing on the re­ceivers’ cred­it­wor­thi­ness.

In next year’s bud­get, the gov­ern­ment plans to take a new $2 bil­lion loan, which will in­crease the King­dom’s debt bur­den to 31.5 per cent of GDP next year, an an­a­lyst from credit rat­ing agency Moody’s said. He added that the fig­ure re­mained at a moder­ate level glob­ally.

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