World Bank Approves $140 Million for Power Plant

25 September 2013

The World Bank’s board on Tuesday approved a US $140 million interest-free loan to fund a more efficient power plant in Burma. The gas turbine plant in Mon State will provide 106 megawatts of electricity, covering half of the peak demand in the state and 5 percent in the country, the World Bank said. The old plant on the same site uses technology that is close to 40 years old, and only produces 40 megawatts of power. A third of Burma’s 3,500 megawatts of power generation comes from gas-fired plants, most of which are also decades-old. In January, Burma overcame a major hurdle to getting help from international financial institutions by clearing about $420 million in debt arrears.—Reuters