September 23, 1999 
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| September 23, 1999 | atimes.com | |
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| Southeast Asia Road project is a way forward for Cambodia MANILA - More than two million people in some of the poorest provinces of Cambodia will benefit from a $68 million concessional loan approved by the Asian Development Bank. The Primary Roads Restoration Project, which involves the upgrading of 577 kilometers of three national roads and the rehabilitation of bridges, will give farmers better access to markets for their products. The rural population will have more access to education and health services as well as employment opportunities. Better transport links will also expand religious, community and social activities and help to unify a society shattered by decades of political instability and violence. Most of Cambodia's infrastructure deteriorated during 30 years of war and neglect and only a third of its 7,700km of primary roads are passable throughout the year. Rehabilitating the roads will not only make transport safer and faster between Phnom Penh and other major centers, it will also promote more balanced regional development. The bank will also provide a technical assistance grant of $735,000 from its Japan Special Fund to increase the capacity of Ministry of Public Works and Transport (MPWT) to manage and maintain the road network. ''When the project is completed, it will be possible, for the first time in 30 years, to move passengers and freight economically and safely along these roads which provide primary access to large areas of Cambodia,'' says ADB Vice President Myong-ho Shin. ''The project is expected to make a significant contribution to reducing poverty in the areas of influence of the road.'' The total cost of the project is estimated at the equivalent of $88.1 million. The ADB loan will finance over 77 percent of the cost and the rest of the funds will be provided by the Cambodian government, the OPEC Fund for International Development and the Australian government. The loan, which will be from ADB's Asian Development Fund, is repayable over 32 years, including an eight-year grace period. The interest charge will be one percent per annum during the grace period and 1.5 percent per annum thereafter. The project is due to be completed in 2003. (Asia Pulse) | |||||||||
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