BRIEF – Japanese loan up for approval in Parliament

Burma’s Finance Minister Win Shein submitted a proposal to Parliament on Tuesday to approve a US$600 million package of development assistance from the Japanese government. The Minister said the loan, granted with no interest for next 10 years and 0.01 interest rate for following 30 years, will be spent on development projects including: the first phase of upgrading the Rangoon-Mandalay railway; water distribution in Rangoon; and the second phase of construction on the Thilawa Special Economic Zone project.