Japan hands over US$300m loan

In order to develop the national electricity grid and communications, the Japan International Cooperation Agency (JICA) has granted Myanmar a US$300 million loan.

"JICA loaned an amount of 35.178 billion Japanese yen, which when converted to US dollars will be 300 million. The interest rate is 0.01 per cent and the repayment must be made within 40 years,” the JICA said.

Approximately US$200 million will be spent on developing the national electricity grid and US$100 million on improving communications.