For the first time in 25 years the World Bank has approved a grant for Burma and developed a strategy for helping the government improve its economic management.

The bank issued a statement Thursday saying the $80 million grant is for infrastructure projects in poor rural areas.

World Bank president Jim Yong Kim said he is pleased by reforms that have been taking place in Burma and encourages the government to continue to push forward with their efforts.

The bank closed its Rangoon office in 1987 and halted new lending after the then-ruling military stopped making payments on debts worth hundreds of millions

via World Bank Approves First Burma Aid in 25 Years.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

New round of EU sanctions targets Myanmar military’s Oil and Gas cash cow

In previous sanctions rounds against Burma by the EU, MOGE was left untouched. The new round of sanctions is a new step by the international community against the Burmese military.

PTTEP to take over Myanmar gas field operations after TotalEnergies exit

Asian energy companies’ continued presence in Myanmar is raising concerns that they could blunt the impact of new European Union sanctions on the country’s state oil and gas company.