It’s official: India will extend $500 million worth of financial assistance to help build agriculture, transportation and power infrastructure in Myanmar.
The assistance will be provided as a line of credit under a memorandum of understanding inked by India’s Export-Import Bank and Myanmar’s Foreign Trade Bank, India Today says. The memorandum formalizes a deal first discussed during Myanmar President Thein Sein’s visit to India in October.
The memorandum is among 12 agreements signed on the second of day of Indian Prime Minister Manmohan Singh’s three-day visit in Myanmar, which ends May 29. The agreements cover financial and technical assistance for various sectors in Myanmar, including agricultural research and education, education development, border area development, and cultural exchange.
The signing of the agreements makes India the latest country to establish or re-establish cooperation ties with Myanmar following the latter’s implementation of a blanket of reforms. Singh also follows several world leaders in visiting the once isolated Asian country.
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.
About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.
