World Bank approves aid for Myanmar power plant project
WASHINGTON (AFP) - The World Bank approved on Tuesday aid for a power plant project in Myanmar aimed at boosting electricity production in one of Asia's poorest countries.
The Bank's board of executive directors authorised a US$140 million (S$175.5 million) interest-free loan to the Myanmar authorities, the development lender said in a statement.
The credit is from the International Development Association, the institution's fund for the world's poorest countries.
"The World Bank will support the installation of a modern, high-efficiency power plant in Mon State, as part of Myanmar's power expansion plan and the cornerstone of the World Bank Group's support for Myanmar's energy sector," the Bank said.