CAIC Director Wen Junhuang (right) introduces the project construction status to Minister Mao Havana (left).
(Photo: Cambodia China Times)
(Phnom Penh News) The construction of the Drexel International Airport project is progressing steadily, and 33% of the total project has been completed so far.
html On June 14, the Minister of the State Secretariat of Civil Aviation of Cambodia, Mau Havanna, inspected the construction of the project and spoke highly of the progress of the project. He said that despite the raging COVID-19 epidemic, work on the Drexel International Airport project has not stopped and the project is proceeding in an orderly manner.He said that so far, 33% of the total project of this 4F-class airport has been completed, and it is expected to be completed in 2024 and put into use in early 2025.
He said that after the project is completed, the capital Phnom Penh will be able to receive international large passenger aircraft from transcontinental countries.
Wen Junhuang, director of Cambodia Airport Investment Co., Ltd. (CAIC), said that so far, the project has spent US$461 million (excluding airport land). The project is divided into three phases. In the first phase, a 4-kilometer runway is being built to accommodate large passenger aircraft. After the first phase of the
project is completed, the airport's annual passenger capacity will reach 15 million, the second phase's capacity will be 30 million, and the third phase's capacity will be 45 million.
CAIC is a joint venture established by the Cambodian government, represented by the State Secretariat of Civil Aviation (SSCA), and the Overseas Chinese-Cambodian Investment Company (OCIC). The Cambodian government has authorized CAIC to own, design, build, finance, operate, maintain and manage the Drexel International Airport project. Drexel International Airport is located in Kandal Province, 20 kilometers away from the capital Phnom Penh. The project covers an area of 2,600 hectares.
OCIC is the largest investment group and local enterprise group in Cambodia. Its core businesses include real estate development, construction, property management, education, medical care, shopping malls, hotels, rice milling, manufacturing, etc. Famous projects include Drexel International Airport and Diamond Island. , Treasure Island, Shuijinghua Satellite City and Olympia City Complex.
The Drexel International Airport development project has received the full support of Prime Minister Hun Sen. At the call of Prime Minister Hun Sen, local banks and financial institutions enthusiastically subscribed for corporate bonds to support and utilize domestic funds to finance new airport development projects.
The US$300 million guaranteed bond issued by Phnom Penh New International Airport has been classified as a financial asset with zero risk weighting (zero weighting) by the National Bank of Cambodia. This also means that the risk weight of the Phnom Penh New International Airport Bond is zero when banks and financial institutions evaluate the solvency ratio.
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