Jan 30, 2013

Myanmar Gets $900 Million Fresh Loans from ADB and World Bank

The Asian Development Bank (ADB) and the World Bank have granted fresh loans to Myanmar, while other creditors have cut half its debt in order to help the socio-economic development of the country.

The ADB has allowed $512m (£325m, €380m) to the country, while the World Bank approved a $440m loan, after Myanmar, also called Burma, cleared its overdue to the banks with Japanese aid.

"Myanmar has come a long way in its economic transformation, undertaking unprecedented reforms to improve people's lives, especially the poor and vulnerable," Annette Dixon, country director for Myanmar at the World Bank, said in a statement.

"We are committed to helping the government accelerate poverty reduction and build shared prosperity. The Bank's engagement, together with the ADB, the Government of Japan and other partners, will help attract investment, spur growth and create jobs."

Source: International Business Times


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