Myanmar to borrow money from Japan for water distribution

The Government of Myanmar is planning to borrow money from Japan to provide sufficient water to Yangon, according to Yangon Mayor Hla Myint.

The Greater Yangon Water Improvement Project, a joint effort of the Yangon City Development Committee and Japan International Cooperation Agency (JICA), will be funded by an Official Development Assistant (ODA) loan from Japan.

The Yangon Mayor added that the City will borrow 23.68 billion Japanese Yen (US$ 238.741 million, Ks 232.05 billion) at an interest rate of 0.01 percent. The loan must be settled within 40 years of the project, including a ten-year probation period. The mayor added that the project will last from 2014 to 2021.

Upon completion, the project will distribute about 40 million gallons of water among four Dagon Myothit towns, some townships, and the Thilawar industrial zone.

With the cash received as water charges, all of the loan including the interest rate can be settled in an allotted time.

With the borrowed money, water ponds will be built in townships in Dagon Myothit. A water purification plant and pipeline connection will also be constructed.

source: Eleven Myanmar
http://elevenmyanmar.com/business/3974-myanmar-to-borrow-money-from-japan-for-water-distribution