U.S. and Cambodia Chamber of Commerce Signs MOU

[AKP]

The Cambodia Chamber of Commerce (CCC) and U.S. Embassy in Phnom Penh on Monday signed a Memorandum of Understanding on the U.S. Exim Bank.

The MOU between CCC and U.S. Embassy reflects an initiative under the U.S.-ASEAN Trade and Investment Framework Arrangement (TIFA).

The signing inked by Oknha Kith Meng, President Cambodia Chamber of Commerce and U.S. Ambassador to Cambodia, Ms. Carol A. Rodley.

Under the MOU, U.S. Exim Bank provides loan guarantees to underwrite the risk of nonpayment of medium- and long-term loans extended by commercial banks to ASEAN buyers of U.S. goods and services. In Cambodia, the Exim Bank commits to increase outreach in Cambodia about the availability of financing support through the Bank’s services and programs, the US. Embassy’s press release said.

In 2009, President Barack Obama removed Cambodia from the trade black list and the Exim Bank is the official export-credit agency of the United States.