Published
Thursday, April 21, 2016
IFC provides US$40 million loan for Myanmar industrial port development
Asia World port at Strand road in Yangon. Photo: Mizzima
The International Finance Corporation (IFC) has provided a 40 million U.S. dollar long-term loan to boost development of Myanmar Industrial Port(MIP), Xinhua reported on 19 April.
The loan is the first phase of a 200 million U.S. dollar long-term senior loan financed by IFC which is a member of the World Bank Group. This financing will support the port to complete the first phase of its expansion plans to improve the terminal's annual handling capacity to 500,000 20-foot equivalent units (TEUs) or more, the report said.
MIP is one of two major container ports in Myanmar.
