German Bank to Loan €5m For Upgrades at Yangon Railway

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Myanmar is to re­ceive a €5 mil­lion loan from Germany’s KfW Develop­ment Bank for upgrades to the Ywa Htaung diesel locomotive shed, where trains are kept when not in use.

Parliament passed a motion last week to ap­prove the loan, which will also be spent on upgrad­ing a training centre for repair workers.

“We need to give train­ing to the employees of the Ywa Htaung loco­motive shed because the technology of the cur­rent engines of the My­anma Railways is getting more advanced,” U Kyaw Myo, Deputy Minister for Transport and Commu­nications told parliament last Monday.

The loan will ultimately result in more reliable trains and service, im­proved safety and ad­vanced training for My­anmar’s engine repair workers, he added.

The Ywa Htaung Lo­comotive Shed was built in 1975 and the attached railways technical train­ing centre was opened in 1981 with the assistance of the German Organisa­tion for Technical Coop­eration (GTZ).

Under the industrial training program, stu­dents from Myanmar’s technical universities re­ceive on-the-job training at the centre every year.

The loan will have a ten year grace period and then must be paid back over 30 years at an inter­est rate of 0.75 percent per year.

According to the min­ister, experts will also be hired to monitor the use of the funds to “minimise loss and wastage”.

 

Source: Myanmar Business Today
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