World Bank powers up in Mon State

THE World Bank announced a US$140 million interest-free loan to fund a power plant in Mon State, according to a press release.

The 106 megawatt gas turbine power plant will replace an existing generating facility, producing 2.5 times the electricity with the same amount of fuel, it said. The World Bank added it eventually plans to meet 5 percent of Myanmar’s peak demand and 50pc of the state’s demand, it said.

World Bank East Asia Pacific vice president Axel van Trotsenburg said the bank could provide financing, analysis and advice to Myanmar’s energy sector.

“We are also working to leverage private sector investment in power generation and distribution,” he said.

Myanmar had stopped making payments on its debt to the World Bank and Asian Development Bank (ADB) in 1989, resulting in a suspension of lending to the country. However, a deal struck in January 2013 with the Japan Bank for International Cooperation allowed for a bridge loan to repay arrears and allow lending from the World Bank and ADB begin again to the country.

source: The Myanmar Times
http://www.mmtimes.com/index.php/business/8260-world-bank-powers-up-in-mon-state.html