Japan and Myanmar have signed a total of 42.78 billion yen ($414 million) in low-interest loans to allow the Southeast Asian country to build road infrastructure and facilitate financing for small and midsize companies, The Mainichi reported.

Of the total, 27.78 billion yen will be earmarked for a project to build a bridge on a road in the East-West Economic Corridor, a route that crosses Myanmar, Thailand, Laos and Vietnam, according to the Japanese Foreign Ministry.

The deal was signed between Ichiro Maruyama, Japan's ambassador to Myanmar, and Maung Maung Win, Myanmar's deputy minister for planning, finance and industry.