Tourism development bank taking flight

The tourism industry will get a boost with establishment of a tourism development bank, according to the Myanmar Tourism Bank.

The proposed development bank will provide loans, technological assistance and communications. The move comes as a result of a high influx of international tourists. The tourism sector showed a profit of US$ 1 billion in 2014 with that expected to double this year.

"We have submitted the license application for the bank," Myanmar Tourism Bank Managing Director Thein Tin said. "It will get approved at the end of May. After that, we will begin working in June. The first bank will be located at Nay Pyi Taw and then Mandalay and Yangon.

"Actions needed to successfully start up the bank, such as forming a public company, investor recruitment, selling of shares, organising and participating in tourism-related events, have all been pre-approved by the government."

This ambitious project is expected to contribute not only to the tourism industry, but also other related businesses.