Bangkok (VNA) – Thai Government has approved aconcessional loan worth 1.45 billion baht (45.7 million USD) to help Myanmarimprove its electricity system.
Rachada Dhnadirek, Thailand’s deputy government spokeswoman,said on July 14 that the loan is part of the country’s initiative to strengthenties with neighbouring countries.
According to her, Thailand’s Neighbouring Countries EconomicDevelopment Cooperation Agency (NCEDC) will be responsible for arranging andextending the loan to Myanmar. The sum is earmarked for the construction andimprovement of electrical substations and transmission systems in Yangon.
Myanmar will be charged an interest rate of 1.5 percent peryear with a 30-year contract which includes a 10-year grace period. Under the termsof the loan agreement, 50 percent of goods and services in the power gridprojects must come from Thailand. Myanmar must also enlist a Thai constructioncontractor and consultant engineer, while the rules governing the loanagreement must be issued by Thailand.
Thailand is currently the third-largest investor in Myanmarafter Singapore and China./.
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At a Thai bank (Photo: AFP/VNA)
