A proposal has been submitted to the union parliament planning to seek a loan of US$185 million from Asian Development Bank for disaster prevention, rural development and poverty alleviation.
Deputy Minister for Agriculture, Livestock and Irrigation Hla Kyaw and Deputy Minister for Planning and Finance Maung Maung Win presented the matter to implement such projects according to the message sent by the President on September 9.
"Now we need to take disaster preparedness and preventive measures while trying for sustainable rural development and poverty reduction. Based on these facts, community development projects emerge. If communities themselves try to implement regional development tasks, they will be able to improve their income and living standard, thereby contributing their resilience," said Deputy Minister Hla Kyaw.
Those projects will be implemented in 17 townships of four regions and states namely Haka, Falam, Tiddim and Htantalan townships in Chin State, Kalaywa, Mawlaik, Minkin and Phaungpyin townships in Sagaing Region, Leshi, Lahe and Nanyon townships in Naga Self-administered Zone, Thayetchaung, Yayphyu and Launglon townships in Taninthayi Region and Bogalay, Pyapon and Labutta townships in Ayeyawady Region.
Experts from ADB and Myanmar's rural development department carried out preliminary surveys in 2018. The project design was drawn up and under this design, the project will cost US$244.95 million. The project is set to last seven years from 2019-2020 fiscal year to 2025-2016 FY.
The project will be implemented with a loan of US$185 million with low interest from ADB, US$10 million in aid, US$27.58 million in aid from the European Union, US$3 million in aid from the Japanese government and US$19.37 million from the Myanmar government.
The term of the ADB loan period is 32 years and the grace period is eight years. The loan must be repaid with 1.5 percent interest in 24 years.
