The United Arab Emirates announced it will give Cambodia $500 million in credit to buy and import products from the emirates.
The announcement was made in a meeting between Prime Minister Hun Sen and Sheikh Ahmed Bin Dalmook Juma Al Maktoum, chairman of AMERI Group of companies and a member of the UAE ruling royal family, at the Peace Palace today.
Mr Hun Sen’s assistant Eang Sophalleth told reporters after the meeting that Sheikh Ahmed said he will extend a credit line of $500 million to Cambodia.
“This credit line will be used to import goods from the UAE,” he said, adding that the imports will be based on Cambodia’s needs.
Mr Sophalleth noted that a credit line is similar to a loan and after Cambodia uses it to buy products and import them into the country, it will have to repay the amount.
“They have money. When we want to buy anything, we can use that money, and then we compensate them,” he said.
Mr Sophalleth added that the Prime Minster expressed his gratitude for the credit line, and noted that so far the UAE has helped Cambodia to build human resources and also an orphanage.
Full story in Wednesday’s paper