Worker Interest in Cambodia
The Royal Government has signed deals with commercial banks to provide more loans with more affordable interest to workers, a move applauded by analysts.
Government Reduces Loan Interest Rate by Half for Workers
AKP Phnom Penh, August 10, 2024 --
The Royal Government has signed deals with commercial banks to provide more loans with more affordable interest to workers, a move applauded by analysts.
Under the auspice of Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet, the Ministry of Labour and Vocational Training on Aug. 9 signed memoranda of understanding with eight commercial banks to provide loans to workers with only an 8.5 percent interest rate per year.
Dr. Ky Sereyvath, an economist and Director of the Centre for China Studies at the Royal Academy of Cambodia, noted that the agreement has reduced the interest rate by more than half.
The exceptional loan package will allow workers to sort out their debts and better manage their income to rebuild their family's economy, he added.
Mr. Sam Soeun, President of the Union Federation for Labour Rights, appreciated the move, which he thinks will help unload the financial burden on workers.
On behalf of his union as well as the workers, he thanked the government for its timely support in addressing the emerging challenges faced by the workers.
NB: The eight model banks include KB Bank PRASAC Plc., Woori Bank (Cambodia) Plc., Cambodia Post Bank Plc., Canadia Bank, ACLEDA Bank Plc., ABA Bank, Wing Bank (Cambodia) Plc., SBI Ly Hour Bank Plc.
https://www.akp.gov.kh/post/detail/312814
Funan Techo Canal Commences
akp.gov.kh
By Heng Panha (AKP Phnom Penh, August 05, 2024) --
The construction of the US$1.7 billion Funan Techo Canal was broken ground this morning with the sounds of the unity throughout the nation.
This auspicious event was held at Prek Takeo in Samrong Thom commune, Kean Svay district, Kandal province, under the chairmanship of Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia and First Lady, Lok Chumteav Dr. Pich Chanmony.
As dawn breaks in Cambodia today, the people of all walks of life took part and witnessed this historical celebration.
From the bustling streets of Phnom Penh to the rural area, sounds of drums, bells, gongs and other traditional instruments resonated across the country.
This is the sound of our unity, said Run Sambath, a local villager who joined the groundbreaking ceremony, adding that it is a fabulous scene that can be considered as a new national record.
“[…] this event made me surprised. When our Prime Minister pressed the button to symbolise the start of the construction, we can hear a big sound from different places,” he said.
Mr. Thou Vireak, a local people who was also present at the event, said this is a new symbol of unity of Cambodia. “In the future, if we can gather to do something like this again, we can say we are strong. We can have one will to do one thing for our common benefits like this, we are so proud,” he stressed.
At precisely 9:09 am, after Samdech Thipadei Hun Manet finished his public speech, he pressed the button to official kick off the construction of Funan Techo Canal, then drums, gongs and bells were resonated at the same time from pagodas, ministries, institutions, schools, enterprises at both national and sub-national level throughout the Kingdom.
Addressing the function, Samdech Thipadei Hun Manet emphasised the importance of this collective celebration. “Today, as we embark on the Funan Techo Canal project, we are not just building a canal; we are crafting a future that honours our heritage and celebrates our unity. This event is a testament to our shared commitment to progress and cultural pride,” he underlined.
The Funan Techo Canal will help Cambodia strengthen its political independence in terms of waterway transport, but will not affect the environment and the flow of the Mekong River, the Premier added.
Samdech Thipadei Hun Manet took the opportunity to reaffirm that this project will not make Cambodia lose any territory or sovereignty. "[…] If you don't believe, let’s come to see the real outcomes in next five years," he said.
The Funan Techo Canal is Cambodia’s first historical transport project linking the Mekong system to the sea route. The project has very little impact, while the economic analysis and evaluation show that it will provide great benefits for the areas of trade, tourism, urban planning and construction, etc.
According to the project’s feasibility study, the US$1.7 billion and Funan Techo Canal project is 180 kilometres long and 100 metres wide upstream and 80 metres downstream, and a total depth of 5.4 metres with two navigation lanes. The construction would take around four years to complete in the form of BOT (Build, Operate, Transfer).
The canal will link Prek Takeo of Mekong River to the sea in Kep province crossing four provinces: Kandal, Takeo, Kampot and Kep with a total of 1.6 million people living on either side of the waterway.
