Myanmar will become a major beneficiary of an assistant package worth10.5 million USD, provided by the Asian Development Bank (ADB) and theGovernment of Australia, to promote private sector development,according to Myanmar ’s Global New Light newspaper.
Theprivate sector in the country is facing a number of challenges toimprove productivity and competitiveness, ADB’s Country Director inMyanmar said, as quoted by Global New Light.
In addition to aco-financing package of 10 million USD, ADB unveiled a technicalassistance worth 500,000 USD to help the Mekong Business Initiative in abid to promote the private sector in Greater Mekong Subregion (GMS)countries including Cambodia , Laos , Myanmar and Vietnam.
The Mekong Business Initiative will become operational from December2014 to November 2017 to ensure an increase in the number of newbusinesses and small and medium- sized enterprises registered in GMScountries.
In January this year, ADB provided Myanmar a 60million USD loan to improve the electricity system in Yangon, Mandalay, Magway and Sagaing.
Another 80 million USD loan was grantedfor Myanmar in November to fund the upgrade of a 54-km highway in theAyeyarwady region as part of the ADB’s commitment to help Myanmarbuild a modern road in the future.
ADB, based in Manila, isdedicated to reducing poverty in Asia and the Pacific through economicgrowth and regional integration. In 2013 alone, ADB assistance totaled21 billion USD, of which 6.6 billion USD is co-financing fund.-VNA
Theprivate sector in the country is facing a number of challenges toimprove productivity and competitiveness, ADB’s Country Director inMyanmar said, as quoted by Global New Light.
In addition to aco-financing package of 10 million USD, ADB unveiled a technicalassistance worth 500,000 USD to help the Mekong Business Initiative in abid to promote the private sector in Greater Mekong Subregion (GMS)countries including Cambodia , Laos , Myanmar and Vietnam.
The Mekong Business Initiative will become operational from December2014 to November 2017 to ensure an increase in the number of newbusinesses and small and medium- sized enterprises registered in GMScountries.
In January this year, ADB provided Myanmar a 60million USD loan to improve the electricity system in Yangon, Mandalay, Magway and Sagaing.
Another 80 million USD loan was grantedfor Myanmar in November to fund the upgrade of a 54-km highway in theAyeyarwady region as part of the ADB’s commitment to help Myanmarbuild a modern road in the future.
ADB, based in Manila, isdedicated to reducing poverty in Asia and the Pacific through economicgrowth and regional integration. In 2013 alone, ADB assistance totaled21 billion USD, of which 6.6 billion USD is co-financing fund.-VNA
