doing business in myanmar – what you need to know as a singaporean
YANGON- With the loan US$ 116 million from World Bank and cash aid $ 1 million from Southeast Asia Disaster Risk Insurance Facility (SEADRIF), Yangon will be upgrading public infrastructures, drainage system as well as to respond natural disasters.
The information came from the workshop on Myanmar Southeast Asia Disaster Risk Management Project being held in Yangon yesterday.
“The workshop will be bringing benefits for the project and opportunities for departmental heads. It also supports the development of Myanmar but also Yangon dwellers. Yangon may face high flood risk and is in an earthquake-prone area. Opportunities can get through the workshop concerning durability of basic infractures, public selected markets and hospitals,” said Phyo Min Thein, Yangon Region Chief Minister.
He also said that the Union Parliament’s approval must be sought because the project would be implemented by only the government after taking the foreign loans.
Myanmar is one of the world’s most disaster-prone countries, exposed to multiple hazards that cost the country over US$ 184 million annually and disproportionally affect the poor. With the assistance of a $ 116 million in financing from World Bank, the project supports the government’s efforts to reduce the impact of flooding, improve the resilience of selected public facilities against earthquakes in Yangon, and enhance the Union Government’s capacity to finance disaster response to emergencies across the country. Nearly half a million people are expected to benefit from the improved drainage systems and the structural performance of selected public facilities in Yangon, according to the Work Bank’s report.
“With Myanmar being one of the most disaster-prone countries in the world and the threat of climate change increasing, this project will proactively help the country prevent and minimize risks so Myanmar is ready when a disaster strikes,” said Ellen Goldstein, World Bank Country Director for Myanmar, Cambodia and Laos PDR.
“The World Bank looks forwards to supporting Myanmar’s efforts to respond and recover quickly so that families are safe and can return to their daily lives soon after a disaster hits.”
Source : Eleven Myanmar
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