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Myanmar : WORLD BANK to allocate US$400m loan for National Community Driven Development Project
Publish Date : 21-May-2015
A US$400 million loan will be allocated by the World Bank to Myanmar’s ‘National Community Driven Development Project’.
Dr Khin Zaw, permanent secretary of the international organisation, disclosed this and added that the project will span 76 townships and run until 2020.
According to Khin Zaw, the loan is to motivate government reforms, peacemaking and people-centred rural development, with only a service charge of 0.75 per cent needing to be paid. At present, the project is being executed across 15 townships with a US$80 million grant from the World Bank.
Khant Zaw, director-general of the Department of Rural Development, commented “One township per region or state will initially be targeted. It is intended to make people benefit by operating small-sized infrastructure on their own.”
The US$400 million project is expected to begin this financial year.
