HomeMMBIZ NewsJapan to Offer Myanmar ¥24b in Fresh Loans

Japan to Offer Myanmar ¥24b in Fresh Loans

Japan has pledged to provide Myanmar ¥24 billion yen ($234.8 million) in fresh loans to finance a power plant and electricity networks.

Japanese Foreign Minister Fumio Kishida made the pledge for the loan at his meeting President U Thein Sein, state-run daily New Light of Myanmar reported.

Kishida, during another meeting with his counterpart, U Wunna Maung Lwin, confirmed Japan’s plan to provide an additional aid of about ¥8 billion ($7.8 million) to build a train operation monitoring system and to provide advanced medical equipment to hospitals.

Since Prime Minister of Japan Shinzo Abe came to power in December 2012, his government has pledged assistance totalling more than ¥160 billion ($1.56 billion) to Myanmar, in a bid to make way for Japanese companies to foray into the Myanmar market and beat out competitors from the United States, the EU and China.

During their meeting, discussions were made on implementation of Thilawa Special Economic Zone (SEZ) by Japanese companies, research on repair of Yangon-Nay Pyi Taw-Mandalay railways, extension of Mandalay International Airport, assistance for Myanmar’s information and TV sector, human resources development, health and education, water supply for Yangon region, and food security for farmers, the report said.

Kishida also made a request for cooperation on efforts to collect the remains of Japanese soldiers who died in what was then known as Burma during World War II. A study has indicated that the remains of as many as 45,000 Japanese soldiers are in the country. The two foreign ministers also agreed to continue to conduct military exchanges.

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