S. Korean bank to aid Myanmar IT project

YANGON, March 19 (Xinhua) — South Korea’s Export-Import Bank will assist Myanmar’s IT infra-network expansion project by providing a loan of about 56 million U.S. dollars to the project, official report said Thursday.

The loan will be disbursed by South Korea’s Economic Development Cooperation Fund to pay for expansion of high-speed fiber links between Taunggyi and Mandalay, Mandalay and Myitgyina, Dawei and Kawthoung and Magway and Sittway, according to an agreement signed between the Myanmar Ministry of Communications and Information Technology and the Export-Import Bank of Korea.

S. Korea’s Economic Development Cooperation Fund is involved in extending assistance to Myanmar in the implementation of infrastructural projects in addition to Official Development Assistance and Korean International Cooperation Agency.

For the past few years, S. Korea has been helping Myanmar in development of a number of sectors including agriculture and its mechanization, irrigation technology, rural and socio-economic development as well as that of the health sector.

According to official statistics, South Korean investment in Myanmar amounted to 3.231 billion U.S. dollars in 109 projects as of January 2015, accounting for 6.08 percent of the total foreign input and ranking the 6th in Myanmar’s foreign investment line-up since Myanmar opened its door in late 1988.

Source: Shanghai Daily

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