Ministry of Planning, Finance and Industry (MOPFI) requested permission to borrow USD $ 170,72 million for electrification project for 400,300 households

The Ministry of Planning, Finance, and Industry requested permission from the Pyidaungsu Hluttaw to borrow $170.72 million from ADB Bank to implement an electrification project that will power 400,300 households.

This project will take seven years to implement, and the annual interest rate is 1 percent during eight years of the grace period and 1.5 percent in 24 years of repayment.

The project will provide power to 8.77 percent of households in Karen State, 6.31 percent of families in the Magway Region, 8.77 percent of families in the Bago Region, and 17.52 percent in Ayeyarwaddy Region.

The country managed to provide power to 50 percent of the total population in December 2019 and targets to provide power to 75 percent of by the 2025-26 Fiscal Year, and 100 percent by 2030 under the National Electrification Plan. The government is trying to diversify its power sources ranging from water, solar, and heat.

(Myanmar Business Today: https://mmbiztoday.com/govt-to-borrow-170-72-mln-for-electrification-project/ )

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