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Capital for NYDC are Deposited to Local Banks

New Yangon City Project, Yangon Regional Government’s mega project, will be implemented on the western bank of the Hlaing river. The project is falling behind the scheduled start date, because of this the capital for the project is being deposited in local banks, KBZ bank and AYA bank, Daw Khin Than Hla, Yangon Regional Auditor General, told Yangon Regional Parliament session held on September 14.

Yangon Regional Government has founded New Yangon Development Co.,Ltd with a capital investment of K10 billion.

“No outside audit has been carried out so far. According to the report as of April 30, there is no income despite K92 million of expenses,’’ he added.

The Government has deposit over K9,000 million at AYA bank and K3,900 million at KBZ bank, according to auditor general’s report.

The project was initiated under former President U Thein Sein’s administration and the tender process for the project faced a lot of criticism.

Because of increasing urbanization, the population of Yangon, which is now 7.36 million, is estimated to reach 8.68 million in 2020 and 10.72 million in 2031 requiring more housing to keep up with increasing population.

This is the reason the regional Government is working to build the Yangon New City project, and it hopes the project will solve squatters, unemployment, water distribution, electricity, traffic congestion, and high property prices.

AECOM Singapore has won the title to draw the Urban Master Plan for the project, NYDC hopes that the Urban Master Plan and Design to come out in next two months.

SOURCE: MYANMAR BUSINESS TODAY

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