Yangon elevated expressway doesn’t need MIC approval: official

The Yangon elevated expressway project is a government-to-government project and it doesn’t need approval from the Myanmar Investment Commission (MIC), according to the MIC.

“Government-to-government projects are not submitted to the MIC. If the investment is made by public, private and partnership and as a developer, it is submitted to the MIC. The infrastructure projects initiated by European Union (EU) and International Finance Corporation (IFC) are just beginning.

“Respective ministries submitted proposals which are invested by foreigners or locals. They are approved by auditor-general’s office before submitted to the MIC,” said Deputy Director General Than Aung Kyaw from Directorate of Investment and Companies Administration (DICA).

The Ministry of Construction and the IFC signed an advisory services agreement on January 11 to build the expressway, which will connect Yangon Port and Thilawa SEZ in the southern part of Yangon and Yangon International Airport, Yangon Industrial Zone and Yangon-Mandalay expressway in northern part of Yangon.

The 20.5-kilometre elevated expressway will cost US$400 million (K535.86 billion), with maintenance costs to be paid for by collecting taxes. According to the agreement, the IFC will be entitled to be the leading advisory corporation for the project.

The IFC will implement a tender selection process to choose an experienced and high-profile construction company with good management, diversified operations and high-quality maintenance capability.

It said the project will help to develop the economy.

Source: Eleven Myanmar

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