1. On 1 September, H.E. Mr. Maruyama Ichiro, Ambassador Extraordinary and Plenipotentiary of Japan to the Republic of the Union of Myanmar, and H.E. Mr. Maung Maung Win, Deputy Minister for Planning, Finance and Industry of the Republic of the Union of Myanmar, signed Exchange of Notes regarding COVID-19 Crisis Response Emergency Support Loan (Investment Promotion and Financial Sector Development Program Loan) of 30 billion yen (approximately 280 million dollars), with the aim to provide emergency budget support for the novel coronavirus crisis response in Myanmar.
2. The Government of Japan highly appreciates the efforts of the Government and the people of Myanmar in steadily preventing the spread of COVID-19 in Myanmar. Through the budget support to Myanmar, this loan will support various economic measures related to the novel coronavirus infection, including the COVID-19 Economic Relief Plan. At the same time, this loan aims to revitalise Myanmar's socio-economic situation by creating favourable environment for investment, trade and financial infrastructure through the development of necessary policies and institutions.
3. Terms of the Loan
(1) 0.01% interest rate per annum
(2) 40 years of repayment period (including a 10-year grace period)
(3) untied procurement
4. The Government of Japan will continue to actively support Myanmar's nation-building and Myanmar people in all fields, in addition to countermeasures against COVID-19 infections.