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Myanmar gets assistance from Japan's big three megabanks

Myanmar gets assistance from Japan’s big three megabanks

(08 April 2013 – Myanmar) Japan’s big three megabanks are said to be aiding Myanmar by providing assistance to government agencies and others to manage infrastructure loans. Representative offices of Japan-based Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation Bank are providing technical assistances to Myanmar governmental departments.

They will also provide assistance to Myanmar’s domestic banks and business associations to ensure that development loans from foreign governments and international agencies are being used effectively.

Japanese banks provide technical assistance on financial and banking services regarding the loans. The Japan International Cooperation Agency and respective government departments will handle the management of loans.

Japanese banks are conducting workshops on project loans and conducting training courses for finance officials. The workshops cover foreign investment, foreign currency exchange, bank services and challenges.

The Japanese government has forgiven loans Myanmar accumulated under military rule and also helped the new government obtain loans from the Asia Development Bank and World Bank.

The Japanese government will also grant new loans amounting to US$537 million (A$516 million).
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