Japan to Give Burma $900 Million in Bridge Loans
3 August 2012
Tokyo plans to extend around US $900 million in bridge loans to Burma to help the country repay its debts to the World Bank and the Asian Development Bank (ADB), Japan’s Kyodo news agency reports. Both the World Bank and ADB opened offices in Rangoon on Wednesday to lay the groundwork for the reopening of loans to the country, which could begin by January, if the US—the largest shareholder in both banks—approves the move. The Japanese loans are roughly equal to the amount Burma must pay the banks before new loans can be granted.