On 28 March, H.E. Mr. NUMATA, Ambassador of Japan announced to H.E. Dr. Kan Zaw, Minister for National Planning and the Economic Development of the Government of the Republic of the Union of Myanmar, that the Government of Japan officially decided to provide ODA Loans for 3 projects, amounting to 51.052 billion Japanese Yens (approximately 537 million US Dollars):

(1) “Regional Development Project for Poverty Reduction Phase 1” (17.0 billion Japanese Yens) Construction and renovation of basic local infrastructure, such as road and bridge, electricity, water supply etc. across the country;

(2) “Urgent Rehabilitation and Upgrade Project Phase 1” (14.052 billion Japanese Yens) Output enhancement and streamlining of electricity through renovation of thermal power plants and substations around Yangon urban area;

(3) “Infrastructure Development Project in Thilawa Area Phase 1” (20.0 billion Japanese Yens) Upgrading basic infrastructure, such as power plants and harbor facilities, related to Thilawa SEZ development.

These ODA Loans will be provided particularly in concessional condition with interest rate at 0.01% per annum and 40 years repayment period (including 10 years grace period).

The Government of Japan will make continuous efforts to redouble its ODA for Myanmar’s social and economic development as well as its poverty reduction.