Myanmar Establishes Project Bank to Facilitate Infrastructure Development

//Myanmar Establishes Project Bank to Facilitate Infrastructure Development

Myanmar Establishes Project Bank to Facilitate Infrastructure Development

A Project Bank of Public Investment Programs to facilitate major project proposals from the States and Regions has been established under the Myanmar Sustainable Development Plan (MSDP), Minister of Planning and Finance U Soe Win said during the 2018 Commerce Fair held in Yangon on December 1.

“Currently, Myanmar still lacks basic infrastructure. If this gap is addressed, the country will be better positioned to fulfill its development goals,” U Soe Win said. In that light, the project  bank will provide a list of prioritised public infrastructure projects so that the flow of development assistance, allocation of the budget and private sector participation are aligned with the goals and strategies of the MSDP.

According to the MSDP, infrastructure projects that are deemed commercially viable can be financed through public private partnerships.

Other priority projects with a clear social and economic development impact will be financed by the budget or through the targeted and strategic use of other sources of development finance, including development assistance.

Meanwhile, in addition t the project bank, a Single Window System enabling businesses to apply for and complete all the necessary procedures through a one-stop centre will be established to attract more foreign direct investments in areas including infrastructure, said U Zaw Win Min, chair of the Union of Myanmar Federation Chambers of Commerce and Industry.

Announced in August, the objective of the MSDP is to connect and align the country’s numerous policies and institutions for the purpose of generating implementable solutions to achieve “genuine, inclusive and transformational economic growth.”

Encompassing five goals, 28 strategies and 238 action plans, the MSDP will also align with the United Nations’ Sustainable Development Goals, the 12 Point Economic Policy of the Union of Myanmar and ASEAN Economic Community.

The goals include economic stability as well as job creation and private sector-led growth.  Strategies include the mobilisation of all necessary sources of development finance, strengthening public financial management capacity and enhancing the efficiency and competitiveness of the State-owned Enterprises.

Source: Myanmar Times

Read the full article here.

2018-12-06T03:53:27+00:00