The Asian Development Bank has announced low-interest loans worth USD 1.75 billion to help Myanmar improve infrastructure, and promote education and rural development for 2017-2021. The ADB’s President Takehiki Nakao told the media in Yangon on June 15 that the bank will increase its annual lending from USD 150 million to USD 350 million, even more, for Myanmar.

President U Htin Kyaw meets ADB President Takehiko Nakao. Photo: ADB

The spending will be aligned with the Myanmar Government's development priorities, and will be included in the Southeast Asian nation’s economic development plan in the next five year.

ABD’s loans target Myanmar’s projects on training human resources, which aims to take advantages of the country’s young workforce, Nakao noted, adding that some education reform projects with the focus on vocational and technical training will be performed as well.

Additionally, infrastructure projects for electricity, which play a key role in the country’s socio-economic development, will be also invested, he stressed.

According to the United Nations, up to 70 percent of Myanmar's 51.5 million population live in rural areas, where basic infrastructure like roads and electricity is poor in many places.

Despite slow economic development in many decades, Myanmar is now one of economies having fastest growth in the world, expanding at 7-8 percent a year in several consecutive years.

Source: VNA