Myanmar government, Japanese Embassy and the Japan International Cooperation Agency (JICA) signed Exchange of Notes and Financing Agreements for two ODA loans yesterday.

The loan worth 27.779 billion Yen is for new Bago-Kyaikto road section of the East-West Economic Corridor which will be implemented by the Bridge Department of the Ministry of Construction and another loan worth 15 billion Yen is for the small and medium-sized enterprises (SMEs) development project (phase 3) which will be implemented by Myanma Economic Bank of the Ministry of Planning, Finance and Industry.

The Exchange of Notes was signed by Deputy Minister for Planning, Finance and Industry U Maung Maung Win and Japanese Ambassador to Myanmar Mr Ichiro Maruyama while the Financing Agreements was by Director-General Daw Si Si Pyone of Treasury Department, on behalf of the Ministry of Planning, Finance and Industry and Sakakura Noriji, Chief Representative of JICA Myanmar.

The Bago-Kyaikto road section of the East-West Economic Corridor project will facilitate the transportation of local residences and can improve the local and foreign trade volume.

As it is the shorted road section of Yangon-Bago-Myawady route, it can reduce the high traffic on East-West Economic Corridor and in Bago Region. It can also solve the delays in trade flows, and as it links with ASEAN countries like Myanmar, Thailand, Laos and Viet Nam, it can develop the transportation via trade route of ASEAN to many places of Myanmar.

The SMEs development project (phase-3) can grant a loan with a low-interest rate for the recovery of MSMEs which were badly hit by COVID-19 pandemic.

MNA

(Translated by Khine Thazin Han)

PHOTO: MNA

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