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Myanmar to use world bank grant for setting up model villages

08-15-2012 17:25 BJT

YANGON, Aug. 15 (Xinhua) -- Myanmar will use the over 80 million U.S. dollars' grant to be provided by the World Bank for establishment of model villages in over 300 townships across the country, official media reported Wednesday.

Quoting Minister of National Planning and Economic Development U Tin Naing Thein, the report said the grant will also be shared in undertakings of 15 plans of poverty alleviation.

It was revealed by the minister in his report to a Planning Commission meeting in Nay Pyi Taw Tuesday, chaired by President U Thein Sein.

On Aug. 1, the World Bank opened its first country office in Yangon, announcing preparation to grant 85 million dollars to support Myanmar's reform.

"Myanmar is among the poorest countries in the region. The need of the people are great and the World Bank Group is working with partners to support government reform that will improve people's lives, especially the poor and vulnerable," World Bank Group Vice President for East Asia and Pacific Ms. Pamela Cox told the inaugural ceremony then, saying that it will help lay the foundation for broad economic growth, creating opportunities for all.

Cox added that Myanmar will have access to interest-free loan from the International Development Association (IDA), the World Bank's fund for the poorest countries after it clears arrears of 397 million USD to the World Bank.

The bank has approved no new lending since 1987. In 1998, the government went into arrears but has remained a member of the bank.

 

 

Editor:James |Source: Xinhua

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