World Bank Puts Myanmar’s Power Investment Needs at $2B a Year
To sustain economic growth, Myanmar needs to invest up to US$2 billion (3.06 trillion kyats) annually in its electricity sector, according to a World Bank report released on Tuesday.
In the report, “Myanmar Economic Monitor: Building Reform Momentum”, the World Bank said Myanmar’s economic growth is expected to rise to 6.5 percent in fiscal 2018-19, due to strong performances by the industrial and service sectors. Growth reached 6.4 percent during the six-month transitional fiscal period from April to September 2018. (The government introduced a new October-September fiscal period starting with fiscal 2018-19.)
As the Myanmar economy revives, electricity consumption will increase by 11 percent yearly until 2030, which means the government needs to triple its efforts regarding power generation, said Gevorg Sargsyan, the head of the World Bank’s Myanmar Office.
