US$24m loan to fund Myawady development
US$24m loan to fund Myawady development
Myanmar Times, 16 Nov 2018
URL: https://www.mmtimes.com/news/us24m-loan-fund-myawady-development.html
Myanmar will use a US$24.3 million (K38.7 trillion) loan from Thailand to help develop Myawady in Kayin State as a hub of border trade in the East-West Economic Corridor of the Greater Mekong sub-region.
“This loan will be used in a project supervised by the Construction Ministry to upgrade Myawady town,” Myanmar Construction Minister U Han Zaw told the Pyidaungsu Hluttaw (bicameral parliament) on Thursday.
The project, which will be implemented by the Kayin government, will improve the town’s service systems, planning and management, infrastructure and conservation of historic buildings, he said.
The 30-year loan, from Thailand’s Neighbouring Countries Economic Development Cooperation Agency, will have an interest rate of 1.5 percent a year and a 10-year grace period, said Deputy Minister for Planning and Finance U Maung Maung Win.
Myanmar also borrowed US$80 million from the Asian Development Bank (ADB) for urban development projects in Mon State’s Mawlamyine and Kayin’s Hpa-an in the Greater Mekong Sub-region East-West Economic Corridor. The loan was approved by the bicameral parliament in March.
Urban development projects for these three cities are projected to take place from 2019-24.
An initial study for the project was also conducted from 2014-16 with US$1.35 million in funds from the ADB, said U Han Zaw.
As of March 31 this year, Myanmar had borrowed US$10.2 billion from foreign countries and organisations to build infrastructure and development projects, said U Maung Maung Win. He added that the 15.45pc foreign-debt-to-GDP ratio was acceptable.
“This loan will be used in a project supervised by the Construction Ministry to upgrade Myawady town,” Myanmar Construction Minister U Han Zaw told the Pyidaungsu Hluttaw (bicameral parliament) on Thursday.
The project, which will be implemented by the Kayin government, will improve the town’s service systems, planning and management, infrastructure and conservation of historic buildings, he said.
The 30-year loan, from Thailand’s Neighbouring Countries Economic Development Cooperation Agency, will have an interest rate of 1.5 percent a year and a 10-year grace period, said Deputy Minister for Planning and Finance U Maung Maung Win.
Myanmar also borrowed US$80 million from the Asian Development Bank (ADB) for urban development projects in Mon State’s Mawlamyine and Kayin’s Hpa-an in the Greater Mekong Sub-region East-West Economic Corridor. The loan was approved by the bicameral parliament in March.
Urban development projects for these three cities are projected to take place from 2019-24.
An initial study for the project was also conducted from 2014-16 with US$1.35 million in funds from the ADB, said U Han Zaw.
As of March 31 this year, Myanmar had borrowed US$10.2 billion from foreign countries and organisations to build infrastructure and development projects, said U Maung Maung Win. He added that the 15.45pc foreign-debt-to-GDP ratio was acceptable.