Phnom Penh (AsiaNews/Agencies) – World City, a joint venture between South Korean and Cambodian companies, has begun building a satellite city near Phnom Penh. The US$ 2 billion urban development project will be financed by South Korea’s Shinhan Bank.

The South Korean bank will provide US$ 65 million to build Camko City’s first thousand residential units, and infrastructure for the development, which is expected to take between 11 and 15 years to complete. The first phase is due for completion in two years and the latter phases will include a university, a hospital and schools.

Credit:  http://www.worldcitycambodia.com

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