Myanmar parliament approves loan from Japan

Last Updated: Sat, Feb 09, 2013 09:20 hrs

Yangon, Feb 9 (IANS) Myanmar parliament has approved 66 billion yen ($704.28 million) loan from the Japan International Cooperation Agency (JICA), official media reported Saturday.

According to U Win Shein, minister of finance and revenue, JICA will grant an aid package including 17 billion yen for infrastructure projects, 20 billion yen for the first step of the development of infrastructure for the Thilawa Special Economic Zone, and 29 billion yen for infrastructures for power supply in Yangon and for upgrading the Kyangin cement plant, reported the New Light of Myanmar.

At present, Myanmar and Japan are jointly developing Thilawa Special Economic Zone with Myanmar holding 51 percent stake and Japan with 49 percent, reported Xinhua.

According to official statistics, trade between Myanmar and Japan amounted to $1,006.28 million in the first eight months (April-November) of the 2012-13 fiscal year.

Of the total, Myanmar's export to Japan reached $257.2 million while its import from Japan was valued at $749.08 million.

Since Myanmar opened to foreign investment in late 1988, Japan' s investment in Myanmar amounted to $246.84 million as of November 2012.

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