Camko City project edges toward resolution as Cambodia, South Korea renew cooperation

PHNOM PENH, April 2, 2026 (KPT) – The long stalled Camko City project in Phnom Penh is moving closer to resolution, as Cambodian and South Korean officials pledged renewed cooperation to overcome legacy financial disputes and revive the development, officials said Thursday.

The update came during talks between Tekreth Samrech, Secretary of State at the Ministry of Land Management, Urban Planning and Construction, and Seung Eon Kim, Director General of the Korea Deposit Insurance Corporation (KDIC). Cambodian officials outlined progress in coordinating with stakeholders, while Samrech expressed appreciation for KDIC’s continued trust and engagement.

Kim thanked Cambodian authorities for their support, noting improved cooperation and voicing confidence that outstanding issues could be resolved soon. KDIC also donated rice to support Cambodian citizens, reflecting broader goodwill between the two countries.

Camko City, once envisioned as a landmark urban development, has been suspended since 2011 after Landmark Worldwide and South Korea’s World City defaulted on loans to Busan Bank. The collapse left around 38,000 depositors uncompensated, with investigations revealing that World City’s owner, Lee Sang ho, diverted 250 billion won (over USD 200 million) into the project. With accrued interest, the debt had risen to about 650 billion won (USD 550 million) by 2019.

Officials said resolving the dispute would not only revive Camko City but also strengthen Cambodia’s investment climate and credibility with international partners.