Korean loan to support Twante Canal project
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