WB approves funding for Myanmar power project

IANS | 25 Sep, 2013


The World Bank Group (WBG) Tuesday announced that its board of executive
directors has approved $140 million of interest-free credit to fund the
installation of a modern power plant in Myanmar's Mon state.

The
funding comes from the International Development Association (IDA), the
WBG's fund for the poorest developing countries, Xinhua reported.

This
effort is part of Myanmar's power expansion plan and the cornerstone of
the WBG's support for the country's energy sector development, the WBG
said in a statement.

"The World Bank Group provides financing,
analysis, and advice, bringing good practices from across the globe to
Myanmar's energy sector. We are also working to leverage private sector
investments in power generation and distribution," said Axel van
Trotsenburg, World Bank's vice president for east Asia and the Pacific.

The
project will replace aging gas turbines with new units, which will
produce 250 percent more electricity with the same amount of gas and
reduce emissions.

It is the first step to bringing more and
cleaner electricity to the people of Myanmar. In Myanmar, where more
than 70 percent of the people have no access to electricity, turning on
the lights is an urgent priority, the statement said.

http://www.information.myanmaronlinecentre.com/wb-approves-funding-for-myanmar-power-project/