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Mizzima:ADB president announces $50m assistance for Myanmar

ADB president announces $50m assistance for Myanmar (click to view article)

The president of the Asia Development Bank (ADB), Haruhiku Karuda, visited Myanmar for the first time this week and announced a funding program of US$50 million to be invested in the country over the coming years.

The net sum will come from a number of loans and grants, which will be used for education, urban development, infrastructure and community development programs across Myanmar.

Following meetings with President Thein Sein, Karuda said at a press conference on February 8 that ADB will work alongside the government to ensure each project achieves its "maximum effectiveness" and is "closely monitored".

"We hope to improve the capacity of the government and institutions and help Myanmar pave the way for its rapid development and inclusive growth," said Kunio Senga, the director general of ADB's Southeast Asia Department.

This latest funding announcement comes after a week that saw the International Monetary Fund pledge to step up assistance to Myanmar and the World Bank and Japan cancel large sums of the country's debts.