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Japan to give $756m in loans to Myanmar

Published on Nov 18, 2012 11:08 AM
 

TOKYO (AFP) - Japan is to provide Myanmar with US$615 million (S$756 million) in government loans, a report said on Sunday, just days after the United States scrapped a ban on most imports from the long-isolated Southeast Asian nation.

Japanese Prime Minister Yoshihiko Noda will make the loans announcement when he meets Myanmar's President Thein Sein on the sidelines on a Southeast Asian summit in Cambodia on Monday, the Nikkei business daily said.

Japan's first low-interest, long-term government loans to Myanmar in nearly three decades will "back up moves by Japanese companies into the country and hold China in check after it increased its influence in Myanmar", it said.

Japan will provide the loans in the fiscal year to March 2013 while the World Bank, the Asian Development Bank and major creditor nations are expected to announce in January they will waive debts owed by Myanmar, the Nikkei said.

 
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