Tuesday 19 November 2013

Parliament accepts South Korean energy loan

Parliament has just accepted a USD $155 million loan from Republic of Korea for use in Myanmar’s energy and communication sectors.

U Zaw Myint Phay, vice chairman of the Constitution Review Joint Committee, confirmed that the funds will be allocated to the Ministry of Energy and the Ministry of Communications and Information Technology.

He also suggested that both ministries submit reports to Parliament detailing their plans for the use of this capital.

The Ministry of Energy has previously announced that they will use their $100 million portion of the loan to complete a power line project. The Ministry of Communications has likewise publicized that they will use their $55 million share to lay four inland fiber-optic cables.

source: Mizzima

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