Japan grants Myanmar $5b development loan

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Myanmar japan PMJapan has provided Myanmar with a low-interest development loan of $5 billion as part of a 40-year development plan to assist the country’s growth, local media reported.

The loan, at a rate of 0.01 per cent per annum, is set at a lower interest rate than for a recently approved Chinese loan.

Japan agreed to provide the new Official Development Assistance (ODA) loan after President Thein Sein met with Japanese MP Eriko Yamatain, according to the President’s Office website.

In August, the Exim Bank of China approved a $100 million loan, which led to a parliamentary debate surrounding the 4.5 per cent interest rate per annum.

Among the countries that have approved loans to Myanmar, Japan is the biggest provider. Japan agreed to more than $940 million in assistance last month including the ODA loan, according to the Japanese Embassy.

The agreement with the Chinese bank was signed on April 5, 2013, leading to disputes in parliament. The loan has to be settled within ten years, including the two-year suspension period, and the borrower has to pay 1 per cent to the bank in advance management fees.

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Reading Time: 1 minute

Japan has provided Myanmar with a low-interest development loan of $5 billion as part of a 40-year development plan to assist the country’s growth, local media reported.

Reading Time: 1 minute

Myanmar japan PMJapan has provided Myanmar with a low-interest development loan of $5 billion as part of a 40-year development plan to assist the country’s growth, local media reported.

The loan, at a rate of 0.01 per cent per annum, is set at a lower interest rate than for a recently approved Chinese loan.

Japan agreed to provide the new Official Development Assistance (ODA) loan after President Thein Sein met with Japanese MP Eriko Yamatain, according to the President’s Office website.

In August, the Exim Bank of China approved a $100 million loan, which led to a parliamentary debate surrounding the 4.5 per cent interest rate per annum.

Among the countries that have approved loans to Myanmar, Japan is the biggest provider. Japan agreed to more than $940 million in assistance last month including the ODA loan, according to the Japanese Embassy.

The agreement with the Chinese bank was signed on April 5, 2013, leading to disputes in parliament. The loan has to be settled within ten years, including the two-year suspension period, and the borrower has to pay 1 per cent to the bank in advance management fees.

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