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World Bank to provide Myanmar 200-mln-USD loan for disaster recovery   

Xinhua, July 15, 2016 Adjust font size:

The World Bank has approved provision of a loan of 200 million U.S. dollars to Myanmar for the recovery of areas hit by flood and landslide in 2015, an announcement of the World Bank said on Friday.

The World Bank will finance the country for resilient road reconstruction, livelihood support and recovery of

the agriculture sector as part of its Flood and Landslide Emergency Recovery Project (FLERP).

The FLERP will focus on the worst-hit areas in Ayeyarwaddy, Sagaing, Magaway, Bago, Yangon, Chin and Rakhine states or regions.

Ulrich Zachau, the World Bank Country Director for Southeast Asia, said repairing and improving roads will help improve access to schools and clinics, and open markets for residents of the flood-hit areas.

The floods and landslides that occurred between July and September in 2015 displaced over 1.6 million people and caused 132 fatalities across the country.

The disaster made the country's economy to lose by 3.1 percent of the country's gross domestic product(GDP)in the fiscal year 2014-2015, according to the results of the government's Post-Flood and Landslide Needs Assessment.

The damages resulting from the disaster have left a major impact on the people hitting the country's transport sector for about 50 percent. Small businesses, individual families and farmers suffered the impact worst. Enditem