Home MMBIZ News Construction Ministry Seeks Parliament Approval $80-m ADB Loan

Construction Ministry Seeks Parliament Approval $80-m ADB Loan

The Ministry of Construction is seeking approval from parliament for a loan of $80 million from the Asian Development Bank (ADB) to upgrade a highway in southwestern Ayeyawady Delta.

The upgrading of Maubin-Kyaiklat-Pyaponis road is estimated to cost $88 million and the government will provide the outstanding amount.

Minister for construction U Kyaw Lwin said that it was essential to upgrade the road for the economic recovery in the area which was worst hit by Cyclone Nargis in 2008.

If upgraded, the road will not flood in the future and will serve as an evacuation route in the event of disastrous cyclones like Cyclone Nargis, he said.

ADB had provided Myanmar a loan of $60 million in January which will be used  in power sector to cover installation of new transformer at sub-power stations in power supply system of Yangon, Mandalay, Magway and Sagaing regions, substitution of old power cables with new ones, installation of aerial bundled conductors at power lines and that of digital meters.

The Ministry of Cooperatives also sought parliament approval to buy farm machinery from South Korea which it believes will help realise the goal of reducing poverty to 16 percent in 2015.

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