Myanmar agrees smaller deal for China-backed port after ‘debt-trap’ concern

YANGON, Nov 8 (Reuters) – Myanmar on Thursday signed an agreement with China’s state-run CITIC Group to begin work on a deep-sea port in the west of the country, after negotiations that saw the initial phase of the project scaled back over fears of a “debt trap”. Myanmar Deputy Minister of Planning and Finance Set […]

Kyaukphyu SEZ Project Awarded to China for Lack of Options, Ex-Minister Says

NAYPYITAW—Myanmar’s government did not want Chinese investment in the deep-sea port and special economic zone (SEZ) projects in Rakhine State’s Kyaukphyu, said U Kan Zaw, who served as minister for national planning and economic development under U Thein Sein’s administration. The previous government expected investment from the US and EU in the two projects, U […]

New, Improved Deal on China-Backed Kyaukphyu SEZ Due Soon: Deputy Minister

YANGON — Since the 2015 elections that swept the National League for Democracy (NLD) to power, the government has been negotiating with the China International Trust and Investment Corporation (CITIC) to raise Myanmar’s stake in the Kyaukphyu SEZ in Rakhine State. The shareholders agreement CITIC struck with the previous government, under President Thein Sein, just […]

New Chair of Kyaukphyu SEZ Wary of Chinese Loans

YANGON — Myanmar will endeavor to take on no loans from China to complete the Kyaukphyu Special Economic Zone (SEZ) but would offer the developer no sovereign guarantees to mitigate risk if it does, said the project’s new chairman, seeking to allay fears of a debt trap. Sean Turnell, an economic adviser to State Counselor […]

Deputy Finance Minister Named New Chair of Kyaukphyu SEZ

YANGON — Deputy Planning and Finance Minister U Set Aung has been appointed chairman of the Kyaukphyu Special Economic Zone (SEZ) Management Committee amid the government’s ongoing efforts to renegotiate its agreement with the project’s Chinese developer to give Myanmar a larger stake. The appointment took effect on May 8 and was approved by Vice […]

Far from a ‘debt trap’, China’s belt and road allows countries like Myanmar to leapfrog poverty

Andre Wheeler says Western critics overlook the holistic and long-term benefits that China’s multilateral infrastructure investment programme brings to countries like Myanmar. What’s more, they aren’t offering any alternatives A plethora of articles have discussed the risks associated with China’s Belt and Road Initiative. The discussion is often portrayed within a “winners versus losers” framework, […]

There’s no Chinese ‘debt trap’, says Myanmar minister, as government pushes for joint port project to go ahead

Thaung Tun insists his government is keen to press on with deep water project after reports it was negotiating to keep costs down He dismissed the fear of a “debt trap”, saying he was confident it would be a “win-win” deal. “We would like to see this project get off the ground,” Thaung Tun, who […]