August 18, 2016

Italy offers US$22.5m loan for development projects

Italy has pledged a US$22.5 million loan for development projects in Myanmar, with an agreement between both governments in Nay Pyi Taw on Friday.
The loan will be spent on infrastructure projects in 215 village tracts in Kachin, Kayah and Shan states and Bago Region to expand access to electricity, water, sanitation services and healthcare.
Union Minister for Livestock, Fisheries and Rural Development U Ohn Myint and Italian Ambassador Mr Pier Giorgio Aliberti gave speeches at the signing ceremony. The agreement was signed by the Italian ambassador and U Khant Zaw, the director-general of Rural Development Department.
Before the loan, the Myanmar government had allotted $25,000 for each project under the development programme, but that amount has now been raised to $30,000 per project. The duration of the projects has also been extended to four years.
This programme is one of several rural development projects being implemented by the Myanmar government, including the Emerald Green Project, which seeks to raise incomes and alleviate poverty in rural villages around the country.


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