Myanmar to use US$1 billion loan for infrastructure projects

Economic development, agriculture, electricity, and infrastructure projects will be the focus of a framework for loans between South Korea and Myanmar.

On September 3, Union Minister for Investment and Foreign Economic Relations U Thaung Tun and South Korea’s Minister for Foreign Affairs Ms Kang Kyung-wha signed the framework agreement under which South Korea will provide US$1 billion to Myanmar for an economic development cooperation fund (EDCF) during a visit by South Korean President Moon Jae to Myanmar.

According to the Ministry of Investment and Foreign Economic Relations, nine projects are included under the loan framework. The Ministry of Agriculture, Livestock, and Irrigation is expected to receive US$57 million for upgrading state agricultural institutes conducting vocational and educational  programmes, upgrading agricultural cooperative societies, promoting income generation for rural cooperatives members, and the Ayeyarwaddy Delta Area Development Programme. 

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Thiha Ko Ko