Deputy Minister for Construction Kyaw Lin submitted a plan to take a loan of 51.20 million US dollars from the Asian Development Bank for rural road projects in Magway and Ayeyawady Region at the session of Union Parliament on August 26.
The ministry will upgrade 152-km-long rural roads in Maubin and Pantanaw Townships in Ayeyawady Region and Natmauk and Myothit Townships in Magway Region, into the gravel and tar roads, the rural road maintenance system and the rural road network for the rapid response to the natural disaster and road safety. The move aims to build the disaster-resistant roads, upgrade the maintenance system and ensure the safety of rural roads.
The ministry will get a grant of 5.8 million US dollars from the ADB if it can sign the loan contract before the end of December, 2019. The loan amount will be 45.40 million US dollars. The loan repayment period is 32 years and the grace period, eight years. During this grace period, the interest rate is one per cent. After the grace period, the ministry will repay the loan with a 1.5 per cent interest rate for 24 years, the deputy minister said.
The ministry will spend this loan on the upgrading of 14 rural roads— five in Maubin and six in Pantanaw Township in Ayeyawady Region, two in Natmauk Township and one in Myothit Township in Magway Region.
Union Parliament Speaker T Khun Myat said the MPs who want to discuss this plan, can register their names.
