Friday, August 18, 2017 - 21:46:58

Myanmar set to join ASEAN Infrastructure Fund

Print

Myanmar is slated to join the shareholders of the ASEAN Infrastructure Fund (AIF), bringing all 10 ASEAN members into the AIF, according to a news release.

With Myanmar expected to join within 2014, the existing AIF shareholders include Brunei, Cambodia, Indonesia, Lao, Malaysia, Philippines, Singapore, Thailand, Vietnam, and the Asian Development Bank (ADB).

“Welcoming Myanmar as a shareholder this year will mark an important chapter in the AIF’s development,” Bambang Brodjonegoro, Vice-Minister of Finance of Indonesia and Chair of the AIF, was quoted as saying, adding that “this will open up new opportunities and make the AIF truly an ASEAN endeavor.”

According to Khin Khin Lwin, ADB Alternate Executive Director from Myanmar, infrastructure development is crucial for the continued growth and advancement of Myanmar and other ASEAN nations.

“Myanmar is honored to join the AIF, which will contribute to our shared vision of a more interconnected ASEAN Economic Community,” said Khin Khin Lwin.

The AIF has so far financed two infrastructure projects in the amount of 65 million USD, consisting of a 25 million USD financing for the Java-Bali 500kV power transmission project signed in December 2013, and a 40 million USD loan to a sanitation project signed in May 2014, both in Indonesia.

ASEAN’s required infrastructure financing is estimated to amount to 60 billion USD a year in the 10 years leading to 2020. This is in addition to national projects with significant cross-border impacts such as airports, seaports, and roads to borders.

The AIF Board at a recent meeting approved the pipeline of projects for 2014, and discussed the indicative pipeline for 2015 – 2016, covering priority sectors of water, transport and energy in ASEAN countries.

ADB is supporting the AIF in a number of areas, including project processing, country consultations to develop project pipelines, and establishing various frameworks for AIF operations.

In addition to its equity investment of 150 million USD, ADB is the AIF administrator, cofinances investment projects and provides technical support.-VNA
Your comments about this article ...
Others