Pyidaungsu Hluttaw approves 5 million euro loan from Austria

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Pyidaungsu Hluttaw is being convinced in Nay Pyi Taw. Photo: MNA

Pyidaungsu Hluttaw has approved a 5 million euro soft loan and grant package from Austria to fund public projects.
The loan was approved yesterday following a discussion among seven lawmakers.
“The loan is aimed at promoting bilateral friendship, assisting in projects which will directly benefit the people, buying materials which will be used for the projects at reasonable prices, and attracting investment from Austria,” said Deputy Minister for Planning and Finance U Maung Maung Win.
The loan, provided by Austria’s Unicredit Bank, extends 25 years, with 15 per cent of the loan being a grant and 85 per cent to be reimbursed with no
interest, according to lawmakers.
According to those involved in the discussions last week, the loan will be used to build the King Chaung bridge in Yanbye, Kyaukpyu District, in Rakhine State.
The bridge will provide direct access between Kyaukpyu and Yanbye townships and will link up with the Yangon-Kyaukpyu Road.
The bridge will be helpful in attracting foreign investment to Rakhine and will also benefit the socio economic development and job opportunities for the local population, said lawmakers.
The Ministry of Construction is to use the allocated funds to purchase steel for the bridge, which will be 1256 ft long and have a capacity to carry up to 75 tonnes. The bridge, which is already under construction on the Yangon-Kyaukpyu Road, is targeted to completed in more than two years. During the meeting yesterday, lawmakers also discussed a proposal urging the Union Government to sign an agreement to establish an Animal-Human infectious disease centre in ASEAN countries.
Following discussion by several lawmakers, the proposal was approved by the Pyidaungsu Hluttaw.


Mi Mi Phyo (Myanmar News Agency)

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