Home MMBIZ News Germany to Give $27m for Rural Roads, SME Financing

Germany to Give $27m for Rural Roads, SME Financing

Germany has pledged a further $27 million (€24 million) in funds for financial and technical development assistance for Myanmar.

The Ambassador of Germany to Myanmar Christian-Ludwig Weber-Lortsch committed the funds to Union Minister Dr Kan Zaw in a recent discussion.

The first arrangement includes financial contributions over €8 million. Up to €5 million of these grants are intended to be utilised for rural infrastructure programs in Shan state, the German Embassy in Yangon said in a statement.

The goal is to build and maintain secure roads and bridges in order to facilitate access for people in peripheral regions to critical infrastructure such as market, schools, work places and health posts.

Another €3 million will be made available to finance micro-, small-, and medium-sized enterprises in order to support local private business, the statement said.

The second commitment provides grants worth €17 million for development projects to be carried out by the German Development Agency (GIZ) and by the German Federal Institute for Geosciences and Natural Resources.

The projects target the improvement of vocational training, development of banking and financial systems, capacity building for the private sector, and sustainable development of the mining sector.

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