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Germany to Promote Rural Development and SME

Germany will support €25 million to promote rural development and SMEs in Myanmar Dr. Kan Zaw, the minister of Ministry of National Planning and Economic Development made an agreement with German Ambassador this month. Germany made two agreements and €8 millions are provisioned for the first agreement and €17 millions for the second. They will help developing the infrastructure in Shan State and in opening schools and healthcare centres in rural areas as well as in creating job opportunities for inhabitants there. These funds will also support in vocational training courses, banking and financial development, mining and other private sectors.

Three Japanese Companies Licensed to Work in Thilawa SEZ

Three Japanese companies currently operating in Myanmar for 20 years got the permit to provide three kinds of insurance in Thilawa Special Economic Zone. These are fire, marine cargo and vehicles insurance. These Japanese companies are only allowed to work in Thilawa Special Economic Zone while local insurance companies are licensed for working in the whole country for seven kinds of insurance including marine insurance. The foreign companies must have 30 years of work experience to work in Special Economic Zone and a total assets of at least US$3 billion.

KBZ Bank’s Credit Card Service

KBZ introduced a local credit card system that can take loan up to a maximum of 50 lakhs. These cards are released on 18th May and now there are about 500 current users. The users can pay bills with this card in shopping centers and withdrawal money from ATM machines. Applicants must have at least 3 lakhs income per month. There are five kinds of credit cards; Classic Card, Gold Card, Silver Card, Diamond Card and Platinum Card. This credit card can be applied in Credit Card Application Form in every branch of KBZ banks.

Spain Melia Hotels to Open in Bagan and Mandalay

Spain Melia Hotels International is taking survey to open hotels in Bagan and Mandalay. According to Melia Hotel International, they will promote Southeast Asia Market. Melia Hotels international is also planning to open a hotel with 29 rooms, a Conference room and a Spa room near Inya Lake. Melia Hotel is also collaborating with Vietnam Hoang Anh Gia Lai Myanmar to open 5 stars hotel in the corner of No.1 Industrial Rd and Kabar Aye Pagoda Rd. Melia Hotel International is a hotel chain with 351 hotels in 30 countries.