Myanmar parliament approves loans from World Bank

The Myanmar Union Parliament approved 100 million US dollars loans from the World Bank for the project implemented by the Ministry of Transport for effective water utilisation in the country on Friday, parliament sources confirmed Saturday. The parliament also approved borrowing another 45 million US dollars from the Economic development Cooperation Fund of South Korea to purchase new 100 railway carriages to replace outdated 400 ones being used currently, the sources said. Moreover, 20 million euros loan from the Italy Development Cooperation will be spent on infrastructure development in Kachin, Mon, Kayah and Shan States and Bago Region. In May, the World Bank granted 80 million US dollars for the six-year Myanmar National Community Development project in three townships of Chin and Shan States as well as in Taninthayi Region. Meanwhile, steps are being taken to reduce the percentage of poverty in Myanmar, according to globalpost.com