Phnom Penh (FN), Dec. 30 – Cambodian prime minister Hun Sen and the South Korean ambassador to Cambodia Park Heung-Kyeong will preside over the groundbreaking ceremony for the Upgrading of National Road No. 48 Project on 3 January 2021.
The project is funded by the concessional loan from the Government of the Republic of Korea provided through the Economic Development Cooperation Fund (EDCF), Korean Official Development Assistance (ODA), according to the press release seen by Fresh News on Thursday.
The project covers a total length of 148 km, located in Koh Kong Province starting from the junction of National No. 4 (Ou Chrov Village, Chamka Loung Commune, Sre Ambel District) up to Khemerak Phumin City, Koh Kong Province. This is a section of the ASEAN Highway No. 123 connecting Vietnam and Thailand.
The expected total project cost to upgrade the National Road No. 48 is USD 100 million, with EDCF loan USD 87.4 million of the project cost. The Export-Import Bank of Korea (KEXIM) is responsible for operation of EDCF loan on behalf of the Korean government and KEXIM will finance the detailed design, construction supervision and construction works cost, while the Royal Government of Cambodia will finance the cost for resettlement, UXO clearance, project management and taxation.
The project will be implemented by the Ministry of Public Works and Transportation. Through the bidding process, Korea Consultants International (KCI)-Korea Engineering Consultant Corp (KECC) Joint Venture has been selected as the project consultant, and ILSUNG-HANIL Joint Venture as the civil works contractor.
The construction of the upgrading of National Road No. 48 project is expected to take 32 months starting from 01 November 2021 to 30 June 2024.
Once completed, National Road No. 48 will play a crucial role as the potential artery of the national economy by connecting transportation, fostering trade with neighboring countries, promoting tourism potential along coastal corridor, and improving traffic safety for the citizens. Therefore, this project will advance regional economic development, reducing logistic time and costs as well as contributing to the national transportation network.
According to the Phnom Penh Office of the Export-Import Bank of Korea in charge of operating EDCF, the Upgrading of National Road No. 48 project is one of the 12 EDCF projects under the Ministry of Public Works and Transport.
From 2001 to the end of 2021, the Republic of Korea has provided 30 concessional loans to Cambodia through EDCF with the total amount of USD 1.2 billion for the development of key sectors including transportation, water resources, wastewater management, health, and emergency response to the epidemic (COVID19).
The Republic of Korea will further strengthen cooperation with the Royal Government of Cambodia, and expand areas of assistance to energy, agriculture, and telecommunications.
=FRESH NEWS
