World Bank provides 80-million-dollar grant to Myanmar
Play
Washington - The World Bank on Friday endorsed an 80-million-dollar grant to Myanmar for poverty alleviation, marking the bank's first financial aid to the former pariah state in 24 years.
"It will empower rural communities to choose investments they need most, such as roads, bridges, irrigation systems, schools, health clinics or rural markets," the bank said.
The project would operate in 15 townships nationwide "with poverty as the key criteria in township selection." The grant is being given as the international financing communityis helping Myanmar deal with a heavy debt burden.
Although the World Bank reopened an office in Yangon this year, it would not be able to resume lending to Myanmar until the government repays more than 400 million dollars in arrears.
Both the World Bank and Asian Development Bank cut off all loans to Myanmar after the army carried out a bloody crackdown on pro-democracy demonstrators in 1988.
The World Bank is working with the Japanese government and the Asian Development Bank to clear arrears in early 2013 to pave the way for full lending to Myanmar.//DPA
