Japan's development loan to be spent on infrastructure and economic zone
Japan will lend over US$ 900 million for development projects this fiscal year to be spent on renovation and basic infrastructure in Yangon, as well as the Thilawa Special Economic Zone, according to an official from Japan International Cooperation Agency (JICA).
Official Development Assistance (ODA) loans are long-term low interest rate loans advanced to developing countries.
"This year, we are going to lend over US$ 900 million of ODA to Myanmar. This loan will be spent in three sectors including Thilawa Special Industrial Zone. At present, drinking water, roads and bridges and electric sectors will be on the agenda. After that, we are to help in renovating the basic infrastructure in Yangon," said JICA Chairman Dr Akihiko Tan-Aka.
A total of US$ 380 million of the loan be used for Thilawa special economic zone project, including the building of roads, bridges, generation of electric power and drinking water. At the moment, the JICA is drawing master plan for the development of Yangon that will include over 70 programs including renovating the city’s public transportation system.