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ADB to assist in Myanmar's infrastructural development

ADB to assist in Myanmar's infrastructural developmentYangon, Feb 8 : The Asian Development Bank (ADB) has vowed to assist in Myanmar's infrastructural development in terms of technology, finance, communication and sustainable energy, official media reported Friday.

ADB made the offer when its President Haruhiko Kuroda met Myanmar President U Thein Sein in Nay Pyi Taw Thursday, reported Xinhua citing the New Light of Myanmar.

The talks between the pair also covered ADB's assistance for development of Greater Mekong Subregion (GMS) countries, development of Myanmar's delta region vital for food production, utilization of fresh water from three major rivers of Myanmar and water courses conservation for hydropower generation and construction of India-Myanmar-Thailand motor road.

Myanmar could reduce international debt of over $6 billion including that with Norway and Japan after successfully coordinating with Paris Club main creditor countries in January.

As a follow-up, Myanmar has settled $512 million debt owed to the ADB and $430 million owed to the World Bank by taking out the amounts from the Japan Bank for International Cooperation (JBIC) Jan 25 and paid back to the two creditors.

Obtaining new loans of the same amount from the two creditors on the same day, Myanmar finally settled the debt by paying off the bridge loan to JBIC.

According to Myanmar's Ministry of Finance and Revenue, the World Bank will support Myanmar with $80 million in carrying out national community-driven development project for infrastructural development in agricultural sector, roads, health centres and schools of 640 villages across the country.

Both ADB and World Bank will resume social and economic assistance to help Myanmar build strong foundation for poverty alleviation scheme and positive reform process. (IANS)