September 25, 2017

World Bank loan for MFSD signed

A US$100 million loan from the World Bank for Myanmar Financial Sector Development was signed on 11 April. Photo: World Bank

A long-term, low-interest loan of US$100 million from the World Bank for the Myanmar Financial Sector Development Project (MFSD) was signed on 11 April at Kempiski Hotel in Nay Pyi Taw.
The loan for the project to be implemented by the Ministry of Planning & Finance and the Central Bank of Myanmar has been approved by Pyidaungsu Hluttaw. Under the agreement, service charges are 0. 75 per cent per year, with a 6-year suspended period and a 32-year repayment period, 38-year loan term in total, it is learnt.
The financing agreement for the loan was signed by Mr Ulrich Zachau, the Country Director for the World Bank, and Daw Nwe Nwe Win, the director-general of the treasury department under the Ministry of Planning and Finance for Myanmar government, with the sub-loan agreement signed by Daw Nwe Nwe Win, director-general of the treasury department and Daw Than Than Swe, director-general of the Central Bank of Myanmar.
The project agreement was signed by Mr Ulrich Zachau, the Country Director for the World Bank and Daw Than Than Swe, the director-general of the Central Bank of Myanmar.
Present at the ceremony for signing the agreements were U Maung Maung Win, Deputy Minister for Planning and Finance for the Myanmar Government, the Central Bank of Myanmar Vice Governor of the Central Bank of Myanmar (CBM) Daw Khin Saw Oo, responsible officials from Union Attorney General Office and the Ministry of Commerce and responsible persons led by Mr Abodoulaye Seck, the Country Manager for the WB, it is learnt.—Myanmar News Agency

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