Jan 29, 2014

Myanmar to use Japanese loan for four projects

Myanmar will use about $610-million Japanese loan for implementing four projects, an official said Wednesday.

These are upgrading the Yangon-Mandalay railroad, Yangon's water supply, infrastructural development in Thilawa Port and development of irrigation facilities in the western Bago region, Xinhua quoted Finance Minister U Win Shein as telling parliament.

Japan pledged to provide the fresh loan during Myanmar President U Thein Sein's visit to Tokyo last December for the ASEAN-Japan Summit.

Japan has been providing assistance for the development of Myanmar's communication and postal service as well as offering to train Myanmar police force by conducting technical courses.

According to official statistics, Japan's investment in Myanmar amounted to $292.423 million as of November 2013 since Myanmar opened to such investment in late 1988.

Source: Business Standard

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