17 Oct
Union Minister for Planning, Finance and Energy U Soe Win received Executive Vice President of Multilateral Investment Guarantee Agency-MIGA, an organization of the World Bank Group Mr Hiroshi Matano and party through virtual meeting in Nay Pyi Taw yesterday morning.
The Union Minister expressed words of thanks for the efforts of MIGA to support the increase of foreign investments in Myanmar and he said the Ministry has set up a Project Bank to scrutinize projects such as Public-Private Partnership Project (PPP) and Loan Projects.
He called on MIGA to invest more in Myanmar’s infrastructure development projects, particularly to support investment in renewable energy projects and he said he would continue to work with MIGA to attract more investment in infrastructure projects in Myanmar.
MIGA’s Executive Vice President Mr Hiroshi Matano discussed further support to Myanmar and the implementation of the 225 MW gas-fired combined cycle power station project in Taungtha Township by Sembicomp Myingyan Power Company Limited with MIGA guarantee. He also said MIGA would encourage organizations to invest in two solar energy projects being implemented by the Myanmar government.
The World Bank Group established MIGA in April 1988 with the aim of providing increased international investment by issuing guarantee, in large scale high-risk foreign investment projects, including political risk in developing countries. Currently, 25 industrialized countries and 157 developing countries, totalling 182 countries, have already joined MIGA.
Myanmar joined the MIGA as its 180th member on 17 December 2013 and Myanmar’s power generation, telecommunications and five projects in the SMEs and microfinance sectors are being implemented with the support of MIGA.
The meeting was also attended by Deputy Ministers for Planning, Finance and Industry U Maung Maung Win, U Sett Aung and Dr Min Ye Paing Hein, Permanent Secretary U Tun Tun Naing and departmental officials.
MNA (Translated by Ei Phyu Phyu Aung)
