PHNOM PENH (FN), Feb. 19 — With a view to boosting further cross-border trade exchange, Cambodia and Thailand on Feb. 19, signed a concession loan agreement for the implementation of a project at the border of the two neighboring countries.

The concession loan agreement covering an amount of 928 million THB ($26.5 million) was signed by Vongsey Vissoth, Secretary of State of Cambodia’s Ministry of Economy and Finance, and Newin Sinsiri, Director General of Thailand’s Neighboring Countries Economics Development Cooperation Agency.

The concession loan will be used for construction of a new international border crossing at Steung Both, Banteay Meanchey province, about 400km to the northwest of Phnom Penh, that includes buildings, roads, warehouses, dry-ports, anti-flooding infrastructure, and state-of-the-art goods detection and surveillance equipment.

The concession loan was the result of the second Cambodia-Thai Joint Cabinet Meeting that was held on 18-19 December last year in Bangkok and is the third of its kind after the one that covered the construction of National Road 48 stretching from Koh Kong provincial town to Srae Ambil district of National Road 4(138km) in 2003, and the second road construction project, National Road 67, from Anlong Veng (125km) to Siem Reap (about 300km northwest of Phnom Penh) in 2006.