Myanmar Launches Online “Project Bank” for Development Projects
By Nan Lwin 26 February 2020
YANGON—The Myanmar government has launched a centralized, publicly-accessible online platform to provide information on major investment projects that fall under the country’s sustainable development plan.
The newly-launched Myanmar Project Bank aims to establish “a predictable and transparent system” and provides key data such as project descriptions, status, total project cost, financing plans and project timelines. It also notes the implementing government agency, project contact details and how each project aligns with the Myanmar Sustainable Development Plan (MSDP).
MSDP launched in 2018 and aims to align the country’s policies and institutions to achieve inclusive and transformational economic growth.
The Myanmar government said the Project Bank will help identify, screen, appraise and prioritize investment projects based on social, environmental, economic and risk indicators. The online platform will help increase public-private partnerships and opportunities for the private sector to invest in national development objectives. Some projects listed may still call for additional financing.
A total of 58 projects are currently listed in the Project Bank, having been screened by the National Economic Coordination Committee (NECC) to ensure that they align with the goals of the MSDP.
The platform so far includes 36 projects in progress, seven at the feasibility study stage, five under contract negotiation, five marked “new,” four under concept development and one at the “inception stage.”
“This is very first step. Many projects are now in the screening process that were submitted by the related government departments,” Daw Thway Thway Chit, director general of the Planning Department, told The Irrawaddy.
“The listed projects are prioritized projects that have secured financing,” she said. “They are fully supported by the government.”
The Myanmar Project Bank was first introduced at the country’s first-ever investment forum last January in Naypyitaw. The two-day event showcased 120 projects worth US$3 billion (4.5 trillion kyats) in 10 states and regions and aimed to attract major investment from East Asian countries. The projects included economic zones, industrial parks, power plants, city development, mines, upgrades to airports and ecotourism.
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