The government will borrow US$185 million (K283.4 billion) from the Asian Development Bank for disaster prevention, rural development and poverty alleviation.
U Hla Kyaw, Deputy Minister for Agriculture, Livestock and Irrigation said, “Now we need to take disaster preparedness and preventive measures while trying for sustainable rural development and poverty reduction. Based on these facts, community development projects emerge. If communities themselves try to implement regional development tasks, they will be able to improve their income and living standard, thereby contributing their resilience.”
The projects will be implemented in 17 townships of four regions and states namely Haka, Falam, Tiddim and Htantalan townships in Chin State, Kalaywa, Mawlaik, Minkin and Phaungpyin townships in Sagaing Region, Leshi, Lahe and Nanyon townships in Naga Self-administered Zone, Thayetchaung, Yayphyu and Launglon townships in Taninthayi Region and Bogalay, Pyapon and Labutta townships in Ayeyawady Region.
The projects will be implemented with a loan of US$185 million with low interest from ADB, US$10 million in aid, US$27.58 million in aid from the European Union, US$3 million in aid from the Japanese government and US$19.37 million from the Myanmar government.
The term of the ADB loan period is 32 years and the grace period is eight years. The loan must be repaid with 1.5 percent interest in 24 years.
The foreign debt of Myanmar was $10.45 billion as of June 30, and its foreign debt-to-GDP ratio is 14.87pc.
Sources: The Myanmar Times, elevenmyanmar