According to The Cambodia Daily Newspaper, Volume 42, Issue 54, On Monday June 01, 2009.
Cambodia and Hungary have signed an agreement to forgive half of Cambodia's outstanding debt to the Eastern European state and to use the remaining half to fund the expansion of an orphanage in Kandal province, Hungary's Ministry of Foreign Affairs announced last week. Under the agreement, Cambodia will pay back half of the debt of $433,000, which stems from the communist era of 1979 to 1990, and Hungary will use that money to support an orphanage that it helped build in the 1980s, the ministry announced on its website. Hungarian representative Laszlo Varkonyi and Cambodian Finance Ministry Secretary of State Ouk Rabun and Foreign Affairs Secretary of State Sun Saphoeun signed the agreement on the sidelines of the 17th Asean-EU ministerial meeting in Phnom Penh last week. In early March, a visiting Hungarian delegation said that after the debt issue was resolved, Hungary would provide more than $50 million in soft loans to Cambodia to help develop areas such as agriculture, irrigation and fisheries.
Republished by CI, Cambodia.
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