ZCZC
BCN-36
CAMBODIA-WORLDBANK-FINANCING
World Bank approves 110 mln USD credit to Cambodia for key highway
improvement
PHNOM PENH, June , 2018 (BSS/Xinhua) – The World Bank has approved 110
million U.S. dollars in financing to improve the condition, safety and
climate resilience of a key national highway in Cambodia, according to its
statement on Friday.
The most direct corridor linking capital Phnom Penh to Cambodia’s only
deep-sea port in southwestern Preah Sihanouk province, National Road 4
endures heavy traffic through several economic zones and rich agricultural
areas including some large-scale farms, the statement said.
It added that through this financing, the more-than-200-km road will be
upgraded with an overlay of asphalt concrete, shoulders will be replaced and
drains and bridges will be built along flood prone areas.
“Cambodia’s economic development relies on National Road 4, as it is the
only road connecting the economic center of the country to the deep seaport
of Cambodia,” Sovicheano Pheng, secretary of state of the Ministry of Public
Works and Transport, said in the statement. “Improvement of this key corridor
will reduce travel time and logistic costs, which would help Cambodia’s
economy to be more competitive in the region.”
In addition to introducing innovative road designs that include climate
proofing, the financing will upgrade existing weighing stations and reduce
the risk of overloading, the statement said.
It added that road safety will be prioritized, through the installation of
speed-limit zoning, safety corridors and feeder road improvements that
include guide-signs, solar powered lights and speed cameras.
“Infrastructure gaps are a significant barrier to competitiveness and
private sector development. Upgrading National Road 4 will address this
challenge and broaden economic opportunities for Cambodians,” said Inguna
Dobraja, the World Bank’s country manager for Cambodia.
The new funding comes from the International Development Association, the
Bank’s fund for the poorest countries, the statement said, adding that it is
a credit without interest, with a final maturity of 38 years, including a
grace period of six years.
BSS/XINHUA/HR/1430