Japan has pledged to provide Myanmar with $1.03 billion development aid in order to contribute to rural income enhancement of the South-east Asian nation, according to Japanese Prime Minister Shinzo Abe in the third week of November.
The Japanese PM publicised the assistance in his meeting with State Counsellor Aung San Suu Kyi during the 31st ASEAN Summit held in Manila, the Philippines from November 13 to 14. The low-interest loan is aimed to go to funding of a range of projects that include infrastructure construction and small and medium enterprises (SMEs) financing so as to increase rural incomes, according to Japan’s Ministry of Foreign Affairs.
Japan is a regular development partner in Myanmar, providing assistance directly from its government or through its aid organisation JICA (Japan International Cooperation Agency). In Myanmar, JICA is contributing to the development by working to identify the needs for infrastructure to promote economic development, and plans to form well-balanced projects. It is currently planning to provide cooperation for urban development in Yangon City, along with port and transportation network infrastructure, as support that will lead to economic growth.
