Wednesday, February 6, 2013

World Bank loans $165 million interest-free to Myanmar

Wednesday, 06 February 2013 17:50 Saw Zin Nyi

Myanmar will receive an interest-free loan of US $165 million from the World Bank to conduct priority projects across the country, said Jin-Yong Cai, the Vice-President and CEO of the International Finance Corporation (IFC) at a press conference in Yangon on February 5.

He said the IFC will prioritize large projects such as the power industry, because it is important for Myanmar to improve its electricity distribution.

An $80 million interest-free loan for community-based projects had previously been granted to Myanmar. World Bank representatives have said that Myanmar should repay the loans over the next 40 years.

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