Myanmar to use fresh Japanese ODA loan for four projects

YANGON (Xinhua) - Myanmar will use a fresh Official Development Assistance (ODA) loan provided by Japan to implement four development projects in the country, according to the Ministry of Finance Sunday.

Under the loan agreement formally signed in Nay Pyi Taw by Japanese Ambassador Tateshi Higuchi and Myanmar Deputy Minister of Finance Dr. Lin Aung, about $631 million ODA, is set to be used in the four projects which are upgrading of Yangon-Mandalay railroad (Phase-1), water supply in Yangon, infrastructural development in Thilawa Port (Phase-2) and development of irrigation facilities in western Bago region.

The fresh loan was pledged by Japan when Myanmar President U Thein Sein visited Japan and attended the ASEAN-Japan Summit in Tokyo in December 2013.

Japan has also been providing assistance for the development of Myanmar's  communication and postal service, also offering to train Myanmar police force by conducting technical courses.

According to official statistics, Japan's investment in Myanmar amounted to $332.89 million as of June 2014 since Myanmar opened to such investment in late 1988, standing the 10th in Myanmar's foreign investment line-up.