Korean loan to sup­port Twante Canal project

The Myanmar Times - - News - PYAE THET PHYO pyae­thet­phyo@mm­times.com

A US$61.3 mil­lion loan from Korea will fi­nance the con­struc­tion of the Twante Canal de­vel­op­ment project, Min­istry of Trans­porta­tion and Com­mu­ni­ca­tions deputy min­is­ter U Kyaw Myo told the Pyi­daungsu Hlut­taw on Novem­ber 17.

The project aims to pro­vide se­cu­rity to the wa­ter­way, speed up the flow of goods, boost eco­nomic de­vel­op­ment, halt floods and pro­tect the area from a col­laps­ing river­bank.

The loan’s term is 40 years, with in­ter­est pay­ments begin­ning in 15 years at a rate of 0.01pc each year.

“Af­ter fin­ish­ing this project, tourism and job op­por­tu­ni­ties will be im­proved,” said U Kyaw Myo. “From an eco­nomic point of view, the project will im­prove the wa­ter­way, pro­tect the land, stop floods and add about $26.3 worth of value each year.”

Pay­ments will be made twice a year.

Min­istry of Planning and Fi­nance deputy min­is­ter U Maung Maung Win spoke favourably of the plan and in­vited hlut­taw rep­re­sen­ta­tives to dis­cuss it, said Pyi­daungsu Hlut­taw Speaker Mahn Win Khaing Than.

– Trans­la­tion by Win Thaw Tar

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