Investors asked to fund Yangon project bank

The Yangon Region government yesterday invited investments in projects included in the Yangon Project Bank, a pool of 80 priority projects located in the region.

These include new city development, housing, redevelopment, industrial, port, fishery, agriculture, transportation and public space projects, which will be implemented under public-private partnership (PPP) agreements.

Phase 1 of the New Yangon City development is estimated to involve investments totalling US$8 billion.

Meanwhile, Phase 1 of the Yangon Urban Mass Rapid Transit, the Yangon Central Railway Station Comprehensive Development, Eco Green City Project and Phase 1 of the Inner Ring Road, part of the Yangon Elevated Expressway, are estimated to involve US$1 billion, US$2.2 billion, US$1 billion and U$ 873 million, respectively.

U Set Aung, deputy minister of the Ministry of Planning and Finance, said rules were drafted specifically for the projects to be carried out under PPP arrangements as there are currently no existing laws to govern such partnerships.

He added that the Yangon Project Bank aligns with the Myanmar Sustainable Development Plan (MSDP), which was launched last year to promote socio-economic development, reduce poverty and create employment through investments in the most effective and publicly-beneficial projects in Myanmar.

These projects have been pooled under the so called Myanmar Project Bank. The main objective is for infrastructure enhancements to be financed using either public funds, official development assistance, private investments or a combination of these.

The Yangon Project Bank is a similar parallel initiative that focuses on the Yangon Region and complements the Union Project Bank.

“The Yangon Project Bank is a roadmap of the future of Yangon. It includes small-scale developments like markets and parks as well as large-scale industrial projects. It will also give investors options and new opportunities to invest in Yangon,” U Phyo Min Thein, the Chief Minister of Yangon Region Government, said during the June 3 conference.

“The Yangon Project Bank has an important role because of the potential for development not just for Yangon but the entire country in terms of connectivity, urbanisation and employment, said U Myint Thaung, Regional Minister of Planning and Finance.

Source: Myanmar Times

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