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World Bank Group pledges continued aid to Myanmar

Xinhua, February 22, 2016 Adjust font size:

The World Bank Group on Monday voiced commitment to continue its aid to Myanmar, according to a statement of the group.

The group made the pledge in a statement when its Vice President for East Asia and Pacific Axel van Trotsenburg met with Chairperson of the election-winning National League for Democracy (NLD) Aung San Suu Kyi, new speaker of the House of Representatives (Lower House) U Win Myint and current Finance Minister U Win Shein in Nay Pyi Taw.

Their meeting and discussions covered Myanmar's economic policy highlighting basic health, education, rural poverty reduction, promotion of social protection services and agricultural production, encouragement of a competitive economic environment, more participation of people in the monetary sector, increase of availability of electricity and raising the efficiency of government administration mechanism, the statement said.

The World Bank statement also said that Myanmar's economy grew 7 percent annually between 2011 and 2014.

Trotsenburg visited Myanmar in May last year to launch the World Bank Group's Country Partnership Framework with Myanmar in support of Myanmar's policies, programs, and investments to help reduce poverty and improve people's lives.

The approved 2015-17 Myanmar Country Partnership Framework (CPF) provides up to 1.6 billion U.S. dollars in credits, loans and grants, as well as technical assistance and knowledge from the International Development Association (IDA), the bank's fund for the poorest countries.

According to a release prior to the World Bank official's visit last year, Myanmar would also receive up to 1 billion U.S. dollars in investment and 20 million U.S. dollars in technical assistance from the International Finance Corporation (IFC), the private sector arm of the World Bank Group. Endit