The World Bank will lend Myanmar $261.5 million to take on infrastructure development projects, the president told the parliament last week.
The 40-year loan will be provided at zero interest to develop the country’s telecommunication, power and education sectors, said U Thein Sein in an address to the parliament.
The Ministry of Power will get about $140 million to implement power plant projects, the Ministry of Communication will get $31.5 million to develop countrywide telecommunications infrastructure, the Ministry of Education will receive $60 million for school development and training projects, and the Ministry of Finance will receive $30 million to streamline the public finance management system.
Myanmar has to start partially repaying the loan in 10 years. Although there is no interest there will be a 0.75 percent service charge to be paid each year, the president informed.
The global lender has already lent $520 million to Myanmar this year.