The Cambodian Government has approved a plan to build an airport in Kandal province with an investment of around $1.5bn.

Cambodia Airport Investment will be responsible for building the 4F class airport which will spread over an area of more than 2,600ha. It will be located in the south of the Cambodian capital Phnom Penh.

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The existing Phnom Penh International Airport covers an area of about 400ha of land.

The project is a joint venture between Overseas Cambodia Investment Company (OCIC) and the government’s State Secretariat of Civil Aviation (SSCA).

“Foreign banks will provide $1.1bn of the total investment and $280m will come from the OCIC.”

Foreign banks will provide $1.1bn of the total investment and $280m will come from the OCIC, while $120m will come from registration capital.

OCIC will own 90% of the shares in the completed airport, with the remainder going to SSCA.

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An agreement for the framework of the project’s financial cooperation was signed by OCIC with the China Development Bank.

SSCA spokesman Sin Chansereyvutha told media sources that the airport will be used mostly for long-haul flights.

Chansereyvutha added: “As far I know, the location being considered for the new airport is somewhere in southern Phnom Penh. It will be comparable in size to the new airport in Siem Reap.”