Home MMBIZ News Italy to Give $27m Rural Dev Loan

Italy to Give $27m Rural Dev Loan

Italy has pledged to provide $27 million to help Myanmar carry out its rural development programs, U Ohn Myint, union minister for livestock, fishery and rural development, said.

“An Italian aid organisation has proposed to give us about €20 million in loan. They are interested to carry out World Bank's rural development projects and they asked us to choose the states and regions that need help the most,” the minister said at a press conference following the coordination meeting on establishment of development partnership for rural development in Yangon.

The World Bank is providing $80 million in aid to 15 of the poorest townships based on recommendations from the state and regional governments.

The minister said the World Bank is targeting the states and regions in Myanmar that are deeply mired in poverty.

The World Bank project has already been implemented in three townships in Myanmar during 2013. Five more townships will get aid allocations this year, the minister said.

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