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February 26, 2018

ADB President meets Myanmar President and State Counsellor

State Counsellor Daw Aung San Suu Kyi receives ADB President Takehiko Nakao. Photo: MNA
State Counsellor Daw Aung San Suu Kyi receives ADB President Takehiko Nakao. Photo: MNA

ASIA Development Bank’s (ADB) President Takehiko Nakao met with President U Htin Kyaw and State Counsellor Daw Aung San Suu Kyi yesterday in Naypyitaw, as well as key ministers to discuss the development policy in Myanmar, according to the groups press release.
Mr. Nakao’s visit came with the announcement that ADB will increase soverign concessional loans from US$150m to US$350m by 2017, with the intent that the money will be spent on infrastructure and job creation.
“The successful political transition is a landmark in Myanmar’s development and an encouraging sign for further socioeconomic progress,” said Mr. Nakao.
“I am impressed by the government’s commitment to ensuring all citizens benefit from growth. ADB will support this effort by helping to promote education and quality jobs, enhance infrastructure, and attract private investment.”
Since Myanmar opened economically in 2011 it has been regarded as one of the fastest growing countries in the region. Yet, last year widespread flooding and damaging Cyclone Koman displaced farmers and destroyed crops.
Myanmars GDP dropped to 7.2% in the 2015 financial year, but is expected to pick up and grow to 8.4% this financial year.
Mr. Nakao welcomed Myanmar’s initiatives to increase infrastructure investment through public-private partnerships (PPPs) in telecommunications sector and power generation.
Myanmar joined ADB in 1973. ADB resumed operations in the country in 2012 and has since approved six sovereign loans totaling $892 million—including $512 million used for a special program loan in 2013 to support macroeconomic reform and restructure arrears—and five grant projects under the Japan Fund for Poverty Reduction for $39 million.
ADB has also approved four non-sovereign projects, through loans, equity investments, and guarantees, since 2014, totaling $932 million including cofinancing of $440 million by commercial banks, in telecommunications, logistics, urban development, and power generation. —GNLM


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