By Zaw Wai
To achieve 8 per cent GDP growth per year, Myanmar's infrastructure sector needs US$5 billion to $7 billion in new investment per year, said Winfried Wicklein, the Asian Development Bank's country director for Myanmar.
"Actually, there's not much ADB can do. Myanmar has a lot of needs. It takes US$5 billion to $7 billion to achieve 8 per cent economic growth," he said at a forum on ADB's 5-year strategy (2017-2021) for Myanmar held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.
The development bank has given roughly $200 million to the Myanmar government in the form of financial aid and loans. The bank has also given another $200 million to Myanmar's private sector.
He noted that it remains unclear on future lending but ADB realised the need for more loans.
The bank is in the process of developing its next five-year strategy for Myanmar, which will be finalised next year.
Wicklein said the bank is focusing on three main areas: infrastructure, energy and transportation.
The ADB's Asian Development Fund will have given $1.024 billion in aid to Myanmar between 2013 and 2016.