World Bank signals $2b injection

The World Bank plans to invest US$2 billion on projects called ‘multi-year programs’ that to improve access to energy and health care for poor people and support other key development priorities, World Bank president Jim Yong Kim announced on January 26 during his visit to Yangon.

“Our $2b multi-year program will support the government’s plans to deliver universal health care to citizens and to help everyone in the country gain access to electricity by 2030,” Mr Kim said.

The World Bank group will work together with experts from IDA, IFC and MIGA to support that program, he said.

The announcement includes US$1b in Bank Group financial supports to expand electricity generation, transmission and distribution as about 70 per cent of people do not have access to reliable electricity.

IFC is partnering with the Government of Myanmar to increase efficiency in the electricity distribution sector and extend service to end users.

This investment will include US$200m in IDA funding to help Myanmar achieve universal health coverage by 2030, Kim said.

About 75pc of rural population in Myanmar have lacks access to quality health care, and high costs place most essential services out of reach for many families who live below the poverty line, he said.

Source: Myanmar Times

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