China Eximbank provides $129.3 million preferential buyer's credit for the Pursat-Phnom Korvanh-Veaveng-Thmorda Section of National Road No. 55 (NR 55) Expansion Project

Project narrative

On June 9, 2014, China Eximbank and the Government of Cambodia's Ministry of Economy and Finance signed a $129,314,000 preferential buyer’s credit (PBC) agreement for the or the Pursat-Phnom Korvanh-Veaveng-Thmorda Section of the National Road No. 55 (NR 55) Expansion Project. The PBC carried the following terms: 20-year maturity, 7-year grace period, and 2% interest rate. The proceeds of the PBC were to be used by the borrower to partially finance an EPC (commercial) contract with China Road & Bridge Corporation (CRBC). The purpose of the project was to expand a 182 km segment along National Road No. 55 (NR 55) that runs between the provincial capital of Pursat and the Thmor Da (Thmorda) checkpoint between Cambodia's Pursat province and Thailand's Trat province. The purpose of the project was to ensure that people in Koh Kong would not find it difficult to travel from National Road No. 4 (NR 4) to Phnom Penh and continue from Pursat to Battambang. CRBC was the EPC contractor responsible for implementation. A formal groundbreaking ceremony was held on May 4, 2015, with Cambodian Prime Minister Hun Sen and Chinese Ambassador to Cambodia Bu Jianguo in attendance. The project completion ceremony was held on March 9, 2020.