Yangon – Myanmar is busy concentrating on the Nov. 8 general election and COVID-19 but on the business front the Asian Development Bank (ADB) approved a loan to develop an expressway in eastern Myanmar.
The Ministry of Construction said it planned to start the Korean-Myanmar Industrial Complex (KMIC) project in December and the Ministry of Hotels and Tourism invited domestic investors to develop an international-standard hotel in Yangon.
ADB approves $484m expressway loan
The ADB has approved a US$484 million (624 billion kyats) loan to Myanmar for a new expressway between Bago Region and Mon State.
The expressway lies along Japan’s planned East-West Economic Corridor, an infrastructure scheme for the Greater Mekong Subregion (GMS).
The road will include a 2.3km bridge across the Sittaung River, which will be financed with a 27.78 billion yen (342 billion kyats) loan from the Japan International Cooperation Agency.
According to the ADB, the road can boost Myanmar’s connectivity with Thailand and other countries along the GMS corridor, promoting trade, tourism and investment.
KMIC project due to start in December
The Ministry of Construction said this week it will start the KMIC tender process and construction next month.
The $110 million (141.77 billion kyats) project was approved by the Myanmar Investment Commission in 2019.
The ministry said the KMIC is an international-standard project involving both governments.
The 558-acre project in Yangon’s Hlegu Township is expected to cost $27 million (34.8 billion kyats) and take two years to complete.
The KMIC project will include the garment and construction sectors, food manufacturers and transport links.
Yangon hotel project revealed
The Ministry of Hotels and Tourism has invited domestic investors to submit competing proposals against the Yangon Wanyuan International Island company (YWII) to develop an international-standard hotel at Letkhonkkon village in Yangon’s Kungyangon Township.
The ministry said YWII has proposed to invest 5 billion kyats ($3.8 million) in the project on the site of a government-owned hotel.
The company proposed to construct the project with a build-operate-transfer (BOT) system for 50 years.
U Kaung Htut, deputy director general of Hotel and Tourism Inspection Department, told The Irrawaddy this week that a transparent “Swiss-challenge” tender has been opened for the project.
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