(MENAFN - Kuwait News Agency (KUNA)) The U.S. Treasury Department issued a general license to authorize additional U.S. economic activity in Burma, the department announced on Friday evening.
The general license, issued by the Office of Foreign Assets Control (OFAC), allows individuals, companies and financial institutions to conduct most transactions -- including opening and maintaining accounts and conducting a range of other financial services -- with four of Burma's major financial entities: Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank, and Ayeyarwady Bank.
The action will give U.S. companies and non-governmental organizations greater access to some of the largest Burmese banks and allow those financial entities to access the U.S. financial system, the announcement said.
The general license supports the July 2012 easing of U.S. economic sanctions on Burma that authorized new investment in Burma by U.S. persons and encourages additional U.S. economic involvement in Burma, it said.
"Increased access to Burma's banking system for our companies and non-governmental organizations will help to facilitate Burma's continued social and economic development, serve as a model for responsible investment, and help to provide a better future for the Burmese people," said Treasury Under Secretary for Terrorism and Financial Intelligence David Cohen.
The United States is committed to supporting positive political and economic reforms in Burma, "and we urge the Burmese government to continue this progress by implementing measures that increase socio-economic development, promote government transparency and accountability, protect human rights and religious freedom, release remaining political prisoners and advance ethnic reconciliation across the country," the announcement said.