MR plans to sign MoU with EXIM Bank to take the loans

YANGON-Myanmar Railways(MR) is now planning to sign an agreement with Korea EXIM Bank aiming to take loans US$125 million for the upgrading of Mandalay-Myintgyina railroad section.

The Union Parliament session on March 26th had approved taking loans from Korea EXIM Bank.

The new air-conditioned trains will take about 17 hours to travel the Mandalay-Myitkyina route, one hour less than other trains.

Myanma Railways (MR) signed a contract agreement with the Dawonsys Company to buy 100 new modernized train carriages under the Korean loans on December 5th, 2018.

The Ministry will use a US$ 45 million loan from Economic Development Cooperation Fund (EDCF) of the EXIM Bank to buy the train carriages.

A vessel carrying 10 new air-conditioned train carriages out of 100 and spare parts bought under a loan from South Korea arrived in Thilawa Jetty, Yangon, on January 7th.

Myanmar is cooperating not only with South Korea but also with Japan in the Yangon circular railroad upgrading project and the upgrading process of Yangon-Mandalay railroad.

Myanmar and Japan will also cooperate in Hanthawaddy airport project, it announced.

A total of US$2.7 billion from the Japan International Cooperation Agency (JICA) will be used to upgrade the Yangon-Mandalay railroad under a five-year plan from 2018 to 2023.

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Source : The Irrawaddy

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