Myanmar seeking Japanese loan for power project
YANGON, Jan. 29 (Xinhua) — Myanmar’s parliament is seeking a loan of 24.678 billion yens (246.78 million U.S. dollars) from the Japan International Cooperation Agency (JICA) for several power projects in the central part of the country, parliament sources said Thursday.
The loan will be used in building two power stations in Meikhtila in Mandalay region and Toungoo in Bago region.
With an interest rate of 0.01 percent, the loan will be paid back in 40 years, the sources said.
Aimed at supplying more electricity to the country and contribute to its economic development, the project will also be a part of electricity network in the Association of Southeast Asian Nations and Greater Mekong Subregion, the sources added.
Source: GLOBAL POST