Momolay wants to take on Facebook in Myanmar, bags funding to take a shot at it

Myanmar is not an easy place to do business. Poor infrastructure, a highly unskilled labor pool, and an outdated financial system are only some of the challenges weighing on this once military junta-controlled nation. However, many investors are willing to overlook the negatives for fear of missing out on the vast opportunities Myanmar offers. The […]

ADB, Japan to provide US $12 million for poverty reduction in Myanmar

YANGON—The Asian Development Bank (ADB) and Japan are extending grant assistance of US $12 million (Ks 11.8 billion) for a community-driven project that will free some of Myanmar’s poorest rural communities from a vicious cycle of low-income poverty and minimal opportunities, according to a bank official. “This investment in rural infrastructure and livelihoods services will […]

ADB to loan $60m to improve energy sector

Bank says that poor infrastructure is resulting in a high level of electricity losses, while upgrades are necessary Nearly one-fifth of electrical power is lost before it reaches consumers because of ageing infrastructure, said the Asian Development Bank (ADB), which announced last week it will lend Myanmar US$60million to improve the electricity distribution system in […]

Ahead of Elections, Thilawa Pitched as Jobs Booster

YANGON — Officials hope that the soon-to-start “Special Economic Zone” at Thilawa near Myanmar’s commercial capital Yangon will underpin a jobs boom in time for the country’s 2015 elections. Building work at the 6,000-acre Thilawa SEZ will begin soon, according to Set Aung, deputy governor of Myanmar’s Central Bank. Set Aung told The Irrawaddy that […]

Myanmar’s rice revival uncertain

Scant stocks, weak demand dent Myanmar’s hopes of rice revival. Shrinking global demand, poor infrastructure and hesitant investors could leave Myanmar far short of its rice export target this year, dealing a blow to its ambitions of competing with the world’s top shippers of the grain. Industry experts and government officials say the 3 million-tonne […]