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Japan to Provide Myanmar $600 Million in Yen Loans for Economic Development  Join our daily free Newsletter

MENAFN - Qatar News Agency - 19/11/2012

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(MENAFN - Qatar News Agency) Japan plans to provide Myanmar with more than 600 million dollars in yen loans to assist with economic development.

The new loans will be extended to refurbish a thermal power plant in Myanmar's largest city of Yangon, and transportation and communication projects in the special economic zone of Thilawa.

These will be the first new loans from Japan in 26 years, according to (NHK World) website. Japan will convey its decision to Myanmar when their leaders meet on Monday in Cambodia, on the sidelines of the ASEAN summit.

Japan will first forgive 60% of Myanmar's existing 6-billion-dollar debt obligations and roll over the rest in January 2013, before extending the new loans. The European Union and other countries are also expressing their support for Myanmar as an emerging market in Southeast Asia.

 






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