Logo of Phnom Penh Post newspaper Phnom Penh Post - Jica comitted to support development of PAS port

Jica comitted to support development of PAS port

Content image - Phnom Penh Post
Jica’s director-general of Southeast Asia and Pacific Department Shigenori Ogawa (centre left) and PAS chairman and CEO Lou Kim Chhun (centre right) hold a meeting on Friday to discuss future cooperation for the port. PAS

Jica comitted to support development of PAS port

The Japan International Cooperation Agency (Jica) has expressed commitment to support the development of the Sihanoukville Autonomous Port (PAS) by continuing to provide grant aid and loans after it transferred its shares of PAS to Japanese logistic firm Kamigumi Co Ltd.

The announcement came after Jica’s director-general of Southeast Asia and Pacific Department Shigenori Ogawa visited PAS on Friday and discussed future cooperation for the port at a meeting.

Jica’s announcement after the meeting said it will continue to support PAS in all aspects of the port’s development and promote the Special Economic Zone through grant aid, technical cooperation and concessional loans.

Jica’s announcement revealed that both parties are scheduled to sign on a collaboration agreement in June.

Massive acceleration

PAS chairman and CEO Lou Kim Chhun said on Sunday that the port’s cargo traffic had accelerated massively with a growth rate of between 10 and 15 per cent annually, so it is very important to have Jica’s collaboration to draw up a strategy for future development.

“We are so happy to receive collaboration from Japan. Working with them will make things more efficient,” he said.

He said up to now, PAS had collaborated with Jica since 1997 and besides grant aid and technical assistance, Jica had provided around $380 million in total loans to PAS.

“We are able to pay the loans with interest to Japan regularly and timely and are still able to profit from operations,” he said.

When the port listed on the Cambodia Securities Exchange in June 2017, Jica bought a 13.5 per cent stake – the first time it had acquired equity in an assistance target.

It is the second-largest shareholder after the Cambodian Ministry of Economy and Finance, which has a 75 per cent stake. The initial public offering also attracted another Japanese investor, Kamigumi, a major logistics service provider, which acquired two per cent of outstanding shares.

However, earlier this month, Jica transferred all of its shares of PAS to Kamigumi.

“Jica, together with Japanese companies which have abundant experience in port management, will continue to provide varied cooperation for the further development of Sihanoukville Port,” read a Jica statement issued on Friday.

MOST VIEWED

  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • Rise in planned flights lifts travel hopes

    Six airlines have applied to resume flights in December, while two others have put in for additional flights and routes, according to State Secretariat of Civil Aviation (SSCA) head Mao Havannall on November 29. These account for 43 new weekly domestic and international flights in December, up 16

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • Is Cambodia’s travel sector in for another cheerless holiday season?

    The travel and tourism sector was heaving back to life as borders started to reopen, promising a festive vibe for the holidays and New Year. But Omicron and other Covid-related issues are threatening to close the year on a bleak note ‘Seems [like] Covid-19 won’

  • Hun Sen: Manet to be candidate for prime minister

    Prime Minister Hun Sen has reaffirmed that his oldest son Hun Manet will be his successor as Prime Minister if he is elected. Speaking during the inauguration of a new sewage treatment facility in Preah Sihanouk province on December 2, Hun Sen said Manet will be