Myanmar to use new Japanese loan on four projects

Myanmar will use 63.2 billion yens' (about 610 million U.S. dollars') new Japanese loan for conducting four projects, an official has said. The four projects are upgrading of Yangon-Mandalay railroad, water supply in Yangon, infrastructural development in Thilawa Port and development of irrigation facilities in the western Bago region, Minister of Finance U Win Shein was quoted by state media as saying Wednesday during the ongoing parliament session. Japan pledged to provide the fresh loan during Myanmar President U Thein Sein's attendance at the ASEAN-Japan Summit in Tokyo last December. Japan has been providing assistance for the development of Myanmar's communication and postal service as well as offering to train Myanmar police force by conducting technical courses. According to official statistics, Japan's investment in Myanmar amounted to 292.423 million U.S. dollars as of November 2013 since Myanmar opened to such investment in late 1988 and it ranks the 10th in Myanmar's foreign investment tally.