1. On October 16, 2015, in Nay Pyi Taw, H.E. Mr. Tateshi HIGUCHI, Ambassador of Japan to Myanmar and H.E. Dr. Lin Aung, Deputy Minister for Finance, signed the Exchange of Notes for 3 ODA Loans projects. The projects amount to a total of 99,850 million Japanese Yen (approximately 832 million US dollars).

2. Details of the projects are as follows:
(1) Yangon Circular Railway Line Upgrading Project               (JPY 24,866 million)

- This project renews and rehabilitates decrepit trains and railway facilities for the purpose of modernizing the Yangon Circular Railway Line.

(2) National Power Transmission Network Development Project Phase II     (JPY 41,115 million)

- This project, following Phase I, constructs two electric power substations in Phayagyi and Hlaing Thar Yar and 500kV electric feeder lines between them.

(3) East-West Economic Corridor Improvement Project              (JPY 33,869 million)

- This project constructs three bridges in the East-West Economic Corridor linking Mawlamyne to Myawaddy, which currently constitute bottlenecks in the Corridor.

3. These loans will be provided with the interest rate of 0.01% per annum, with 40 years’ repayment period (including a 10-year grace period).

4. The Embassy of Japan believes these ODA Loans projects will contribute to the social and economic development of Myanmar and thus improve people’s livelihoods.