Japan Pledges $824m Loan For Five Infrastructure Projects

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Myanmar will re­ceive an $824 million soft loan from Japan for five infra­structure development projects, including the upgrade of the Yangon- Mandalay railway and the Yangon Regional Water Supply Project.

Deputy Minister for Planning and Finance U Maung Maung Win signed the MoU with the Japanese ambassador to Myanmar, Tateshi Higuchi.

The loan will be repaid over 40 years at an inter­est rate of 0.01 percent.

The Yangon-Mandalay railway upgrade will re­ceive $219 million. The $2.2 billion project will see the upgrade of the 632 kilometre stretch of track to eventually accom­modate trains traveling speeds of up to 100 kilo­metres an hour.

By the time the project is completed in 2025, travel times between the two cit­ies will be halved from 16 hours to eight hours.

The Yangon Water Sup­ply Improvement project will receive $219 million from the loan will see en­hanced water supply, ex­panded water treatment facilities, improved distri­bution and reduced usage of underground water.

The project will see up­grades to the Kukkowa and Langonpyin water river pumping systems which will provide an extra 100 million gallons of fresh wa­ter to Yangon when they’re completed in 2025.

The Regional Develop­ment Project for Poverty Reduction will receive $210 million, the Cities’ Electricity Distribution System Development pro­ject $43 million, and the Agricultural Sector and Rural Development pro­ject $133 million.

 

Source: Myanmar Business Today
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