Myanmar to borrow $2.3b from China

YangonMyanmar is planning to borrow $2.3 billion from China to finance 22 infrastructure projects in sectors including telecommunication, electricity and construction, according to the government’s investment projection for national projects in the fiscal year 2013/14.

Other areas where Chinese loans are to be used include agriculture, finance and industry. A total of $646 million is to be spent in these sectors during the period. The projects for the financial sector include a microcredit project to provide loans for small and medium enterprises and establish an SME bank. A telecom project will distribute mobile SIM cards in rural areas across Myanmar.

Five power-line projects and a natural gas power plant are to be funded with the loans from China. The new highway between Yangon and Mandalay, public housing and other construction projects, including 16 new bridges, will also be financed through the same loan.

Also for the 2 large-scale low-cost housing projects – the Yadana and Ayeyarwun projects in suburban Yangon -, the loans from Chinese EXIM bank will be used to cover electrical expenditures, according to the Ministry of Construction.



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Myanmar is planning to borrow $2.3 billion from China to finance 22 infrastructure projects in sectors including telecommunication, electricity and construction, according to the government’s investment projection for national projects in the fiscal year 2013/14. Other areas where Chinese loans are to be used include agriculture, finance and industry. A total of $646 million is to be spent in these sectors during the period. The projects for the financial sector include a microcredit project to provide loans for small and medium enterprises and establish an SME bank. A telecom project will distribute mobile SIM cards in rural areas across Myanmar....

YangonMyanmar is planning to borrow $2.3 billion from China to finance 22 infrastructure projects in sectors including telecommunication, electricity and construction, according to the government’s investment projection for national projects in the fiscal year 2013/14.

Other areas where Chinese loans are to be used include agriculture, finance and industry. A total of $646 million is to be spent in these sectors during the period. The projects for the financial sector include a microcredit project to provide loans for small and medium enterprises and establish an SME bank. A telecom project will distribute mobile SIM cards in rural areas across Myanmar.

Five power-line projects and a natural gas power plant are to be funded with the loans from China. The new highway between Yangon and Mandalay, public housing and other construction projects, including 16 new bridges, will also be financed through the same loan.

Also for the 2 large-scale low-cost housing projects – the Yadana and Ayeyarwun projects in suburban Yangon -, the loans from Chinese EXIM bank will be used to cover electrical expenditures, according to the Ministry of Construction.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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