// IP Marketing video - START// IP Marketing video - END

ADB, WB approve fresh loans for Myanmar

ADB, WB approve fresh loans for Myanmar

PanARMENIAN.Net - The Asian Development Bank (ADB) and the World Bank have approved fresh loans for Myanmar to aid the social and economic development of the country, according to BBC News.

The ADB granted $512m (£325m), while the World Bank approved a $440m credit. The loans were made possible after Myanmar cleared overdue arrears to the two banks with the aid of Japan.

Myanmar has been implementing economic and political reforms, resulting in various sanctions against it being lifted.

"Myanmar has come a long way in its economic transformation, undertaking unprecedented reforms to improve people's lives, especially the poor and vulnerable," said Annette Dixon, country director for Myanmar at the World Bank.

The World Bank expects Myanmar’s economy to expand by 6.3% in the financial year 2012-13, up from 5.5% in the previous 12 months.

However, many analysts have said that for the country to be able to translate that potential into actual growth it needs increased investment in key sectors.

 Top stories
The event was timed to coincide with the visit of a 10-strong delegation of prestigious UK companies led by Mark Pritchard MP.
The two-day intensive programme includes meetings with Armenian high level state authorities and business representatives
Fitch Ratings has affirmed the Armenian city of Yerevan's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+'.
Mount Maymekh will become a skiing zone under a new project which will attract about $30 million in investments and create some 1600 jobs.
Partner news