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In his speech, Thein Sein said Norway, Japan and other countries that agreed to write off part of Myanmar's debt burden "have proved themselves as good friends of Myanmar in crucial times and we have to acknowledge their assistance." The World Bank and the Asian Development Bank cleared Myanmar's outstanding debt to them of about $900 million with a bridge loan from the Japan Bank for International Cooperation on Jan. 27. It allows them to make new development loans to Myanmar. The deal was a major breakthrough for Myanmar, with the new loans likely to go to upgrading its dilapidated infrastructure, including electricity and ports. The knock-on effect would be to bring in more foreign direct investment. Thein Sein pledged that the new funds will be used in a transparent manner for reducing poverty and improving infrastructure.
[Associated
Press;
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