Monday, 17 March 2014

ADB urges central gov’t to confirm loans for Green City project

MANDALAY—As implementation of the Green City project is expected soon and the project will take eight years to complete, the central government needs to confirm the loans provided by the Asian Development Bank (ADB) for the project, according to advisers from the bank.

Eric Fonda from the ADB said the bank wants to know which organisation will confirm the loans that will be used for the project.

He suggested that the Mandalay regional government submit the issue to the central government and the Union Parliament to confirm the loan.

The Asian Development Bank has already granted US$2 million (Ks 1.94 billion) for the Green City project in Mandalay. The project is aimed at improving sanitation, the water supply, and transportation infrastructure in the seven poorest wards in Pyigyidagun and Chanmyathazi townships in Mandalay. It is planning to loan US$60 million for the project and only needs to sign the agreement with the government.

The agreement is expected to be signed by 2015. The ADB wants to know which organisation will take responsibility for replaying the debts, said Fonda.

According to Fonda, the Ministry of Finance has full responsibility for implementing the project while the Mandalay regional government has the responsibility for maintaining it.

The bank and the National Planning Department are currently in discussions to draw up a strategy for implementing nationwide development projects.

source: Eleven Myanmar
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