The Asian Development Bank (ADB) announced Sunday that it is resuming lending to Myanmar after a hiatus of nearly 30 years, offering the country a $ 512 million loan.
"The ADB is resuming operations in Myanmar, with an assistance package for social and economic development that is designed to build a solid foundation for further reforms to alleviate poverty and foster growth," the Manila-based bank said in a statement.
The loan was made possible after the Japan Bank for International Cooperation on Jan. 17 provided Myanmar with bridge financing to clear its approximately $ 500 million debt to the ADB.
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