The president of the Asia Development Bank (ADB), Haruhiku Karuda, visited Myanmar for the first time this week and announced a funding program of US$50 million to be invested in the country over the coming years.
|The president of the Asia Development Bank (ADB), Haruhiku Karuda, second from right, talks to media during their press conference at Park Royal hotel in Yangon on Friday, February 8, 2013. (Photo: Bo Bo / Mizzima)|
Following meetings with President Thein Sein, Karuda said at a press conference on February 8 that ADB will work alongside the government to ensure each project achieves its "maximum effectiveness" and is "closely monitored".
"We hope to improve the capacity of the government and institutions and help Myanmar pave the way for its rapid development and inclusive growth," said Kunio Senga, the director general of ADB's Southeast Asia Department.
This latest funding announcement comes after a week that saw the International Monetary Fund pledge to step up assistance to Myanmar and the World Bank and Japan cancel large sums of the country's debts.