|Myanmar gets new World Bank loan
Myanmar has settled debt of US$430 million owed to the World Bank since 1973 in coordination with the Japan Bank for International Cooperation and has re-obtained a new loan of same amount from the world financial institution, a press release of the Ministry of Finance and Revenue said Tuesday.
Myanmar settled the World Bank debt by taking out the amount from JBIC on January 25 and paid back the World Bank, Xinhua news agency reports.
Obtaining a new loan of US$430 million from the World Bank on the same day, Myanmar finally settled the debt by paying off the bridge loan to JBIC.
According to the release, the World Bank will support Myanmar with US$80 million in carrying out national community-driven development project for infrastructural development in agricultural sector, roads, health centers and schools of 640 villages across the country.
The release added that the World Bank will resume social and economic assistance to help Myanmar build strong foundation for poverty alleviation scheme and positive reform process.
Similarly, Myanmar had earlier also settled debt of US$512 million owed to the Asian Development Bank by a bridge loan obtained from the JBIC to which Myanmar paid off while re-getting a new loan of US$512 million from the ADB, the largest amount it received in 30 years from ADB.
Through clearing the debt, Myanmar would have access to more low-interest development loan programs.