SEOUL, KOREA - Korea EximBank said on November 7 that it would provide a loan of US$100 million to the Burmese government as part of the economic development cooperation fund (EDCF) in building electric power transmission lines within the country. Lee Duk-Hoon, the state-run bank's president, met on the same day the Myanmar electric power authorities' president U Thein Lwin in Yangon and signed a official lending contract.

 

The government of the Southeast Asian nation will construct 454 kilometers of transmission lines to carry electric power generated from hydroelectric power plants in the mountainous north to the nation's largest city. The money from Korea's EDCF will be used to pay for building the 188-kilometer section. The design and construction of the interval will be taken up by Korean contractors.

 

An EximBank official said, "The latest project is first of its kind since the Korean government began providing EDCF assistance to Myanmar in 2011. We believe this will lay the foundation for the two countries' economic cooperation."

 

Article provided by The Korea Economic Daily