Japan to provide USD 50.5 mn to Myanmar's economy

Japan also pledged to offer USD 20 million as a humanitarian assistance to western Rakhine state.

To develop its financial market and infrastructure, Myanmar will get JPY 5.549 billion (USD 50.5 million) in grant aid from Japan according to Myanmar News Agency.

Myanmar Deputy Minister of Planning and Finance U Set Aung and Japanese Ambassador Ichiro Maruyama exchanged the notes of the grant in Nay Pyi Taw.

The project will enhance the functions of Central Bank of Myanmar(CBM)-NET, which was introduced in January 2016, Adapting to the changes in the environment surrounding financial infrastructure.

It is also notable that enhanced CBM-NET is expected to contribute to strengthening Myanmar's economy.

Japan also pledged to offer USD 20 million as a humanitarian assistance to western Rakhine state as part of helping Myanmar's government in restoring peace and development of the state as well as poverty reduction.

Evolving from decades of economic and political loneliness, Myanmar is determined for inclusive economic growth and poverty reduction.

With rich natural resources, a strategic location in Asia, a young population, and a sizable market with wide-ranging savings opportunities Myanmar has strong potential for vast economic expansion.