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Burma to Borrow $900 Million in FY 2013: Report

15 January 2013

Burma’s government will borrow a total of more than US $900 million from China, India and Japan in the coming fiscal year, according to a report by the Eleven Media Group, which claimed to have seen a draft plan for national investment. The bulk of the new loans—$527 million—will come from China to finance infrastructure construction in the fiscal year beginning April 1, while another $211 million will be provided by India and $161 million by Japan. Among the projects that the money will be sued for are a $224 million telecoms network, a new Rangoon-Mandalay road and two hydropower dams.