Thailand approves loan for Myawaddy development

26 December 2019
Thailand approves loan for Myawaddy development
People drive and ride around a busy road at Myawaddy town, Karen State. Photo: Lynn Boo Bo/EPA

The Thai Cabinet has approved a preferential loan worth 777 million THB (over 25.76 million USD) under a 30-year contract for Myanmar for infrastructure development in Myawaddy city, vietnamplus reported.

Government deputy spokeswoman Ratchada Thanadirek said the Cabinet meeting on December 24 endorsed a proposal for the Neighbouring Countries Economic Development Cooperation Agency (NEDA) to provide financial assistance for Myanmar to fund the third phase of the Greater Mekong Sub-region development project for Myawaddy.

The loan has an annual interest rate of 1.5 percent and a grace period of 10 years, she said.