Japan to provide $615m loan

Japan to provide $615m loan

Published on Tuesday, 20 November 2012 22:08

President Thein Sein met with Prime Minister of Japan Yoshihiko Noda
at Peace Palace Hotel (Photo – EMG)

The Japanese government will provide Myanmar US$615 million loan for use in economic and development sectors.

The assurance came yesterday during a meeting between Myanmar President Thein Sein and Japanese Prime Minister Yoshihiko Noda in the sidelines of the 21st Asean Summit in Phnom Penh, Cambodia.

The two leaders discussed different bilateral issues during the meeting which lasted over half an hour.

The loans will be used in Thilawa Special Economic Zone, national races development sector and poverty elimination projects, an official of ministry of foreign affairs said requesting anonymity.

Earlier in the year, the Japanese government cancelled $3 billion out of Myanmar's $5 billion debt to Japan.

The issue of cancelling the rest of the debt by January next year was also discussed during the two leaders' meeting yesterday.

The Japanese premier also assured of providing sportswear to Myanmar athletes and assistance in telecommunication sector during the 2013 SEA Games to be hosted by Myanmar

Source: http://www.news.myanmaronlinecentre.com/2012/11/21/japan-to-provide-615m-loan/