Japan provides ODA Loans of JPY 63,166 million for Yangon-Mandalay Railway project etc.
September 5, 2014
1. On September 5 (Fri), 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 4 ODA Loans projects. The total amount of the projects is up to 63,166 million Japanese Yen (equivalent to 620 Million US Dollars).
2. 4 ODA projects are as following:
(1) Yangon–Mandalay Railway Improvement Project Phase I (I) (JPY 20,000M)
- This project aims at enhancing railway capacity by rehabilitation and modernization of Yangon-Mandalay railway. Scope for Phase I is renovation of aged facilities and equipment from Yangon to Taungoo;
(2) Greater Yangon Water Supply Improvement Project (JPY 23,683M)
- This project aims at enhancing water supply service by expanding water treatment facilities and distribution network in Greater Yangon area;
(3) Infrastructure Development Project in Thilawa area Phase II (JPY 4,613M);
- This project aims at promoting inflow of FDI in Thilawa area by developing necessary infrastructure, including access road to Thilawa; and
(4) Irrigation Development Project in Western Bago Region (JPY 14,870M).
- This project aims at increasing agricultural productions by developing irrigation systems in Western Bago Region.
3. Those loans will be provided with interest rate 0.01% per annum, 40 years repayment period (including a 10-year grace period).
4. The Embassy of Japan believes those ODA loans project will contribute to the social and economic development of Myanmar and thus improve people’s livelihoods.