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Myanmar to borrow more than 1.4 billion baht for more electricity

The Pyidaungsu Hluttaw has approved the borrowing of 1.4 billion baht from Thailand’s Neighbouring Countries Economic Development Cooperation Agency (NEDA) to supply more electricity in Yangon Region. With this loan, the Ministry of Electricity and Energy will make sure that Yangon’s power distribution system is improved and the frequency of power shortages reduced, said deputy […]

Survey finds 37% of families can’t afford health emergency

More than 35 percent of Myanmar households are not ready to shell out K200,000 (US$130) for emergency health care, according to Asia Foundation’s City Life Survey 2018. The foundation conducted the survey of 2414 people in 228 wards of Yangon, Mandalay, Monywa, Taunggyi and Mawlamyine cities from September to October 2018. It said that up […]

With ‘on-the-go’ loans and tech, social firm boosts Myanmar farmers

A social venture in Myanmar is boosting farm outputs with customized technologies and giving loans for seasonal migration to raise incomes in one of the world’s poorest countries. Proximity Designs, which was set up in 2004 in the country’s commercial hub Yangon, focuses on farming, on which more than two-thirds of the population relies to […]

New Thanlyin bridge project gets go-ahead

The acceptance of a loan from the Japan International Cooperation Agency (JICA) which will be used for the construction of a second bridge across the Bago River connecting Thanlyin and Yangon has been approved, said a Pyithu Hluttaw MP U Lwin Ko Latt. The first instalment on the JICA loan totals US$36 million (K56.1 billion). […]

Boat Builder Floats New Business to Tap Island Tourism Boom

With tourism booming in southern Myanmar, residents of Myeik in Tannitharyi Region are finding ways to benefit by filling niches in the industry. Ko Thein Zaw Min, managing director of Mergui Dolphins, one of 40 tour companies in the area, has found a way to do this by opening a boat-making workshop. The number of […]

Plans to Accept $79M French Loan Shelved

NAYPYITAW—The Union Parliament on Thursday voted down the government’s proposal to receive loans worth 70 million euros ($79.3 million) from the French Development Agency (AFD). Just 34 votes were in favor of the proposal and 497 against, with six abstentions despite the deputy minister for planning and finance attempting to convince lawmakers that the project […]

Foreign banks allowed to set foreign currency loan interest rate

The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]

Mother Finance set to transform credit access in Myanmar

Access to credit will no longer be a problem for Myanmar people thanks to an innovative consumer lending application which allows anyone with a smartphone to easily apply for a loan regardless of their financial records, according to Theta Aye, founder and chief executive of Mother Finance Co. “Our goal is to serve unbanked customers […]

Myanmar accepts loan from Italy as foreign debt rises

Pyidaungsu Hluttaw has approved a €30 million interest-free loan from Italy which will be used to provide electricity to villages in Chin State and other rural areas in Myanmar. Under its agreement with Italy, Myanmar will begin repaying the loan over a period of 10 years starting 2036. The repayment amount will be €3 million […]

Clashing with the law, SEZ body to resurrect Dawei megaproject

Myanmar’s SEZ working body announced that the long-suspended Dawei SEZ project will be resurrected this October, in a move which is set to clash with the Environmental Conservation Law because there is no known site-wide environment assessment conducted or approved. U Than Myint, chair of the SEZ Central Working Body, said during a meeting with […]