The settlement method of the amount of debt incurred in the past in connection with economic projects and loans provided from the then Czechoslovakia to Cambodia were adopted by mutually agreed memorandum in 2008. The larger part of debt amount was forgiven by the Government of the Czech Republic while the lesser part served to support the development cooperation projects implemented by the Czech Republic in Cambodia with the participation of local partners.

In connection with the commencement of the debt settlement in 2013, the Czech Republic reopened its Phnom Penh Embassy operations in 2013. The successful implementation of six projects to promote the improvement of quality education and improve the conditions of Cambodian health took place between 2014 and 2017.

The success of the debt settlement project between Cambodia and the Czech Republic represents an important milestone in the existence of mutual diplomatic relations established more than sixty years ago, opening the way for a new phase of mutual co-operation.