Myanmar welcomes AIIB investment


Much of Myanmar's upcountry infrastructure including roads is underdeveloped, as eeen here in Bagan. Photo: Mizzima

Myanmar is reported to welcome investment from the Asian Infrastructure Investment Bank, according to CCTV in a report on March 30.

Myanmar is one of the first countries to join the AIIB. And the regional China-backed bank comes just in time to help feed Myanmar's growing infrastructure appetite, according to the report.

Experts say there are many projects in the country that hope for loans from the AIIB.

The AIIB is seen to be China’s answer to the World Bank and Asian Development Bank, and interest in joining up with the bank is growing. 

Myanmar is in urgent need of funding to expand its infrastructure facilities. The country's infrastructure construction has almost stagnated in the past decade and traffic jams are common.

Experts say poor transportation has delayed economic development.

A 2012 global survey of transportation and logistics by the World Bank puts Myanmar's infrastructure at 133rd out of 155 countries studied. However, the growth of Myanmar's infrastructure construction has picked up since President U Thein Sein’s government took power in 2011.

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