Myanmar to Revise Foreign Deals Signed by Former Govt
Myanmar government plans to revise about 800 agreements signed between the former government and foreign companies, organisations and governments to be in line with the “present situation.”
Daily Gas Distribution to be Increased by 200 Mcfd Next Fiscal
Energy Minister, Zeyar Aung, said in the Parliament last week that daily natural gas distribution in the country will be increased by 200 million cubic feet per day (mcfd), bringing the total to 475 mcfd, effective next fiscal starting on April 1.
Yangon Needs About 300,000 Homes
About 300,000 new homes are needed for increasing population in commercial city Yangon, Deputy Construction Minister Soe Tint said.
Only 7,000 new homes are built each year in the city, which has a population of 6 million, about 10 percent of the country’s total.
Myanmar to Allow Foreign Banks Next Year
Myanmar will allow some foreign banks to operate in the country from the next fiscal year, beginning April, Deputy Central Bank Governor Khin Saw Oo told parliament.
Myanmar to Increase Phone Access by 50 Percent
Myanmar will increase telephone access by 50 percent during the next fiscal year starting April by adding more than 10,000 land lines and 5 million mobile phone SIM cards, Telecommunications Minister Myat Hein told parliament.
Exim Bank of India Extends New Lines of Credit to Myanmar
India’s Export-Import Bank (Exim Bank) has extended approximately $354 million in credit to Myanmar Foreign Trade Bank (MFTB), one of the four state-owned banks, to finance eighteen irrigation projects and upgrade three major railroads.
Based on the terms of the agreement, Myanmar is required to source all goods and services required for the projects from Indian suppliers.
The Indian state-owned bank opened a representative office in Yangon in September to promote trade transactions and economic ties between the two countries.
Exim Bank has so far nine lines of credit extended to MFTB, worth a total of approximately $600 million.
MPU to Start Accepting JCB Cards in Myanmar
Myanmar Payment Union (MPU), the national payment network, and Japan Credit Bureau International Co Ltd (JCBI) jointly announced that member banks of MPU have started accepting JCB cards in more than 2,000 stores across the nation.
MPU will facilitate JCB card holders visiting the country to use their cards at over 2,000 MPU merchants and 500 ATMs.
JCBI has had a presence in Myanmar since 1995.