Following the Asian Development Bank’s lead, the World Bank now has a provisional strategy to guide its work in Myanmar. The U.S.-based lender also approved $80 million in new financing for the country.
Like the ADB’s interim plan for Myanmar, the strategy endorsed Nov. 1 by the World Bank Group does not include loan financing. Instead, it commits the World Bank to providing technical assistance and policy advice in three areas: public financial management, regulatory reform and private sector development. The strategy covers the bank’s group for the next 18 months.
The World Bank and ADB would only resume full operations, including loans, in Myanmar once the country clears its arrears with the banks.
The World Bank did approve an $80 million grant for the National Community Driven Development Project. Covering 15 towns across Myanmar, this project will fund community-identified infrastructure investment, build the capacity of local authorities and communities to identify, design and implement projects, and facilitate stakeholder participation through the entire project cycle. Myanmar’s Department of Rural Development at the Ministry of Border Affairs will serve as implementing agency while the Foreign Aid Management Working Committee will be the steering committee of the project.
Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.
