ASEAN HEADLINE: INFRA-STRUCTURE | Cambodia will never lose sovereignty over the Funan Techo Canal, PM says
Prime Minister Hun Manet
.
FREE ASEAN – FREE MYANMAR/CAMBODIA/THAILAND – FREE Aung San Suu Kyi
.
Prime Minister Hun Manet this morning reassured the Cambodian citizens that the Kingdom will never lose its sovereignty over the Funan Techo Canal, which has been a concern shown by some people.
The Prime Minister at the ceremony to launch the construction of the canal project this morning, underscored the significance of local investment in the megaproject, highlighting that it is a Build-Operate-Transfer (BOT) initiative, rather than a loan-dependent government project. The BOT model implies that private companies are responsible for raising the necessary funds for investment, not the Cambodian government borrowing from foreign entities.
Memento Maxima Digital Marketing…
“The project is a BOT project, not a loan project of the Royal Government to borrow from any country to do,” said Prime Minister Hun Manet. “A private company borrowed money to invest. Initially, it was a 100% foreign company, but now it is largely a local company. This project can be considered a project invested by Cambodian investors with partial participation from foreign companies.”
The Prime Minister elaborated on the specifics of the project, explaining that the first section of the canal runs from the lower Mekong River of Prek Takeo to the Bassac River in Saang district, covering a distance of approximately 21 kilometers. This section is fully managed by Khmer companies.
“In this 100% owned Cambodian company, there are state-owned public enterprises such as Sihanoukville Autonomous Port and Phnom Penh Autonomous Port holding 51% and OCIC holding 49%. Therefore, Cambodian companies and state-owned enterprises are the majority holders here, with no foreign involvement. Sovereignty cannot be lost here,” he asserted.
…
Mr Hun Manet also addressed the management structure of the project’s second section, which extends from Koh Thom to Kep province, spanning more than 130 kilometres. He noted a significant reduction in the stake held by China’s CRBC, from 100% to 49%, thereby increasing the Cambodian company’s share to 51%. “This means that the Khmer company is the manager of these two divisions,” he added.
@[email protected]
