China to finance broadband network construction in Cambodia

The Export and Import Bank of China has agreed to lend Cambodia 50 million U.S. dollars to finance a national broadband network project, the bank's Zhejiang branch, in east China, announced Friday.

The loan will be given to the Cambodian government under a Preferential Buyer's Credit facility to finance the construction of the core components of a nationwide high speed optical network.

According to the bank, this would promote connectivity between the two countries, which is in line with China's initiative to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The Zhejiang branch of the bank has invested 1.94 billion U.S. dollars in 52 projects in 10 countries along, what China calls, the "One Belt and One Road" initiative.