Japan has offered Myanmar ¥25.8 billion ($258 million) in loans to help the country carry out its development projects.
The loan was announced by Japanese Prime Minister Shinzo Abe when he met with Myanmar President U Thein Sein on the sidelines of the 25th ASEAN Summit in Nay Pyi Taw last week.
The Japanese government wants the loan to be used to improve infrastructure of a port and power facilities in Thilawa, 25 kilometres from Yangon, reinforce the country’s electricity distribution network and help lenders for small and medium enterprises.
In his bilateral meeting with U Thein Sein, Abe voiced support of Myanmar’s democratisation and peace making process.
Abe attended the 17th ASEAN-Japan Summit and 6th Mekong-Japan Summit last Wednesday and the 9th East Asia Summit and 17th ASEAN+3 Summit last Thursday.
The 17th ASEAN-Japan summit discussed promotion of ASEAN-Japan tourism, full implementation of ASEAN-Japan Free Trade Area, and regional cooperation through Thilawa Special Economic Zone, in which Japan is a major investor.