The United Overseas Bank (UOB), one of two Singaporean banks licenced to operate in Myanmar, became the first foreign bank to provide loans in Myanmar.

The bank recently announced its loan provision to a joint venture between France and Myanmar which will transform a colonial building into a five-floor hotel.

The UOB, which recently opened its branch in Yangon—Myanmar’s biggest city, said that it will provide other loans within the month, mainly in manufacturing, tourism and infrastructure.

Since October 2014, nine foreign banks have established branches in Myanmar.-VNA