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Burma’s Finance Minister Signs Deals With World Bank

14 October 2013

Burma and the World Bank have signed a deal to fund a power station upgrade in Mon State, and the government has taken a step toward joining the Bank’s Multilateral Investment Guarantee Agency (MIGA), according to a statement. The World Bank said Saturday that Finance Minister Win Shein attended a ceremony in Washington to sign a US$140 million credit agreement to fund installation of a modern 106-megawatt power plant. Win Shein also signed a convention to accede to MIGA, which protects international investors “against the risks of transfer restriction, expropriation, breach of contract, war and civil disturbance, and non-honoring of financial obligations,” it said.