World Bank Approves First Burma Aid in 25 Years

Posted November 2nd, 2012 at 5:10 am (UTC-5)
Leave a comment

For the first time in 25 years the World Bank has approved a grant for Burma and developed a strategy for helping the government improve its economic management.

The bank issued a statement Thursday saying the $80 million grant is for infrastructure projects in poor rural areas.

World Bank president Jim Yong Kim said he is pleased by reforms that have been taking place in Burma and encourages the government to continue to push forward with their efforts.

The bank closed its Rangoon office in 1987 and halted new lending after the then-ruling military stopped making payments on debts worth hundreds of millions of dollars.

Officials are still working on ways to clear that remaining debt.