ADB Partnership with Myanmar to Support Growth, Job Creation

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The FINANCIAL — The Asian Development Bank (ADB) has approved a new medium-term country partnership strategy (CPS) for Myanmar to support the government’s aim to improve economic growth and job creation.

The 2017-2021 strategy is designed to leverage the country’s strengths and high development potential — including its strategic location within Asia — by improving access to and connectivity between rural and urban markets. The CPS aims to guide ADB’s engagement with Myanmar as it strengthens access and connects rural and urban areas, and links with regional and global markets; builds a skilled workforce and increases employment opportunities; and promotes reforms that will help modernize the economy, according to ADB.

“ADB’s operations will focus on areas that are of fundamental importance to the country’s development,” said James Nugent, Director General of ADB’s Southeast Asia Department. “Access to sound transport networks, electricity, and urban infrastructure, as well as a skilled workforce will be critical to build a modern economy. These sectors will also transform the rural sector, boost productivity, create quality jobs, and, ultimately, improve people’s livelihood.”

ADB operations in Myanmar will focus on infrastructure — particularly energy transmission and distribution, transport upgrading, and urban development. To enhance inclusiveness, ADB will continue to support rural development, education, capacity building, improving the business climate, environment and climate change, disaster risk management, gender equity, and regional cooperation.

“ADB’s new CPS is fully aligned with the government’s strategic and policy priorities,” said U Kyaw Win, Myanmar’s Minister of Planning and Finance. “We welcome ADB’s support as our country accelerates its transition and builds the foundations for inclusive and sustainable growth.” 

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ADB will expand sovereign concessional lending for projects from about $150 million to $350 million per year through 2021. ADB is also expanding its lending, equity investment, and guarantees to the private sector to boost Myanmar’s infrastructure and finance sectors. 

 

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