Myanmar to use Indian bank loans for development

Myanmar will implement several projects with loans from the Export-Import Bank of India according to a government report.

The Export-Import Bank of India (EXIM Bank) has provided loans of up to US$ 500 million which will be used on infrastructure projects including communications and transport. Details were released in the Myanmar government’s 2013-2014 fiscal year report. 

Some of the projects include the construction of a microwave station linking the southern and northern parts of Chin State, as well as the building of power stations, constructing dams and irrigation systems and improving basic infrastructure.

These projects will be carried out by various government ministries, as the loans will target sectors from agriculture, to electricity, communications and transportation.

In the 2013-2014 fiscal year, Myanmar will be provided foreign development aid from Austria, China, India, Japan, Korea, Germany, Britain, Denmark, New ZeaLand and France.

The World Bank, Asia Development Bank, UN organisations and international NGO’s will also provide assistance.

Myanmar will also get access to the Indian assistance to implement advanced agriculture and educational research departments and the production of dairy products.

The Indian government agreed to lend Myanmar US$ 500 million to implement basic infrastructure projects after Indian Prime Minister Manmohan Singh’s visit to Myanmar last year.