As Myanmar transitions from military dictatorship toward democracy, the country has become a development darling.
International news is awash with pledges from governments keen to demonstrate their support for the nascent reforms. The European Union, for instance, plans to more than quadruple its annual development assistance to as much as €90 million (US$123 million) starting next year; U.K. aid will double in 2014 to more than £60 million ($95 million). Dwarfing both of these commitments, Japan announced a package of aid and investment worth ¥40 billion ($394 million) and the World Bank plans to put $2 billion in a multi-year development program.
This has led to easy characterizations of the rush to invest as a “feeding frenzy.”