Off the wire
• Indian stock market closes for public holiday  • 9 killed in road accident in S. India  • Across China: Blind man and his armless friend turn wasteland to oasis  • Myanmar president says peace process towards political dialogue opens  • Israel talks to Rwanda on deporting African asylum seekers: Rwandan President  • Major fire closes access to Brazil's largest port  • Chilean president to miss OAS summit due to flood at home  • 2nd Ld-Writethru-China Headlines: Zhou Yongkang charged with bribery, abuse of power, intentional disclosure of state secrets  • 1st Ld: Zhou Yongkang charged with bribery, abuse of power, intentional disclosure of state secrets  • Italian police arrest 19 suspects for pharmaceuticals stealing, trafficking  
You are here: 　 Home

Myanmar, Germany to cooperate in development

Xinhua, April 3, 2015 Adjust font size:

Myanmar and Germany have vowed to cooperate in development of Myanmar, official report said on Friday.

Under an agreement on development cooperation signed between Myanmar's Ministry of National Planning and Economic Development and the German Embassy here, the cooperation covers development of Myanmar in economic, social and environmental conservation sectors and further strengthening of bilateral relations.

According to the report, as of 2011-12 fiscal year, Germany had provided Myanmar with 31.613 million U.S. dollars in assistance.

In February 2014, Germany granted the relief of Myanmar's debt owed to it by 50 percent, a follow-up of 2013 Paris Club Agreement.

In its latest development, a German bank provided 7 million euros'(9.59 million U.S. dollars) cash aid to Myanmar in May 2014 to encourage economic growth in the country's rural areas.

Besides, under another aid program which runs from March 2014 to September 2015, German International Cooperation also assisted three Myanmar private banks in terms of financial techniques for the development of country's small and medium enterprises (Ames).

Statistics also show that bilateral trade between Myanmar and Germany amounted to 123.6 million U.S. dollars in the fiscal year 2013-14, of which Germany's import from Myanmar totaled 40.36 million USD while its export to the Southeast Asian nation stood at 83.24 million USD.

Germany's investment in Myanmar amounted to 21.1 million USD as of February 2015 since Myanmar opened to such investment in late 1988. Endi