World Bank to lend Myanmar $261 million

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World_BankThe World Bank Group has agreed to lend a total of $261.5 million to Myanmar for infrastructural projects, the country’s President Thein Sein announced  on August 26.

The move follows after Myanmar cleared its decades-old debts to the World Bank with the help of a bridge loan from the Japan Bank for International Cooperation in January 2013. The government’s political and economic reforms have also paved a way for the country to re-engage with foreign creditors, and to receive new loans from the World Bank.

The World Bank has already lent $520 million to Myanmar in 2013, of which $440 million are meant to repay the Japan Bank for International Cooperation, and $80 million for community development projects.T

The latest loan of $261.5 million will be provided at zero interest but with a service fee of 0.75 per cent annually by the World Bank for Myanmar’s telecommunication, electricity, education and financial projects. About $140 million will go to the Ministry of Power for a gas-fired and waste-to-energy power plant project in Thaton Township. $31.5 million will go to the Ministry of Communications and Information Technology for the national telecommunication development projects. The  Education ministry will be given $60 million for school development projects, scholarships and management trainings for senior officers. The Ministry of Finance is to receive $30 million to reform public finance management systems.

The 40-year loan will need to be “partially” repaid starting in 10 years.

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Reading Time: 1 minute

The World Bank Group has agreed to lend a total of $261.5 million to Myanmar for infrastructural projects, the country’s President Thein Sein announced  on August 26.

Reading Time: 1 minute

World_BankThe World Bank Group has agreed to lend a total of $261.5 million to Myanmar for infrastructural projects, the country’s President Thein Sein announced  on August 26.

The move follows after Myanmar cleared its decades-old debts to the World Bank with the help of a bridge loan from the Japan Bank for International Cooperation in January 2013. The government’s political and economic reforms have also paved a way for the country to re-engage with foreign creditors, and to receive new loans from the World Bank.

The World Bank has already lent $520 million to Myanmar in 2013, of which $440 million are meant to repay the Japan Bank for International Cooperation, and $80 million for community development projects.T

The latest loan of $261.5 million will be provided at zero interest but with a service fee of 0.75 per cent annually by the World Bank for Myanmar’s telecommunication, electricity, education and financial projects. About $140 million will go to the Ministry of Power for a gas-fired and waste-to-energy power plant project in Thaton Township. $31.5 million will go to the Ministry of Communications and Information Technology for the national telecommunication development projects. The  Education ministry will be given $60 million for school development projects, scholarships and management trainings for senior officers. The Ministry of Finance is to receive $30 million to reform public finance management systems.

The 40-year loan will need to be “partially” repaid starting in 10 years.

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