News - Chinese loan funds Phnom Penh expansion

29/7/10: Phnom Penh Autonomous Port is to construct a second terminal 25 km to the east of the Cambodian capital having now secured a $68m loan from the Chinese government, the Phnom Penh Post reports.
 

The second terminal will significantly boost yearly capacity at the Port, from around 70,000 TEUs at present to approximately 300,000 TEUs.
 

Shanghai Construction has been hired to undertake work on the $28m first stage of the project.
 

With work slated to start in September, the first stage is expected to be finished by the end of July 2012.
 

Once completed, the 12 ha first stage will give the Port a total capacity of 120,000 TEUs.
 

According to Hei Bavy, the Port’s director general, the 8 ha second stage will be self-financed providing the Port can generate annual incomes of between $6m and $10m during the period 2012 to 2015.
 

“We plan to use the money which the port earns by itself for the second-stage development project because the Chinese loan is too expensive,” he is quoted by the newspaper as saying.

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