Union Parliament approved US$80 million loan from Asian Development Bank (ADB) for three cities development project along the Greater Mekong Sub-region economic corridor: Myawaddy, Hpa-An, and Mawlamyine

Myanmar is planning to implement development plans for three cities along the Greater Mekong Subregion economic corridor, Myawaddy, Hpa-an, and Mawlamyine, according to U Kyaw Lin, Deputy Minister for the Construction, at Pyidaungsu Hluttaw Meeting.

Pyihtaungsu Hluttaw, Union Parliament, approved the proposal of getting an $80 million loan from ADB for those development plans on March 19.

These three cities are situated in the Greater Mekong Sub-region economic corridor and are categorized as secondary cities by the Ministry of Construction, meaning they have great development potential economically, socially, in transportation, tourism and service sectors. So they have been chosen for development plans, U Kyaw Lin said.

The Ministry of Construction will take responsible for loans and the projects which also include water distribution, water treatment and waste management.

$32 million out of $80 million loan from ADB well be used for Hpa-an, $47 million for Mawlamyine, and $1 million for Myawaddy.

U Kyaw Lin explained to the parliament that the projects are aimed to boost people’s livelihood and help social, economic and infrastructure of the cities develop. 

Once the parliament approved the proposal, the Ministry of Planning and Finance will help the Ministry of Commerce proceed the process of getting loans: signing the agreement, negotiate the terms of payment and interest rate, U Maung Maung Win, Deputy Minister of the Ministry of Planning and Finance, said. 

(Myanmar Business Today: https://www.mmbiztoday.com/articles/parliament-gives-green-light-80-million-loan-adb-three-cities-development )

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