CHINA / National

China to provide Myanmar with US$200m loan
Updated: 2006-06-11 13:59

China has signed an agreement to provide Myanmar with a special low-interest loan, state-run newspapers reported Saturday.

The pact was signed Friday in Yangon by Central Bank Governor Kyaw Kyaw Maung and Vice-Chairman of China Export and Import Bank of the People's Republic of China Su Zhong, reported The New Light of Myanmar newspaper.

The report did not give the amount or other details of the government-to-government loan.

However, a Chinese embassy official said the loan was for US$200 million (euro165.2 million) in buyer's credit, and had been agreed upon during a visit to Beijing by Myanmar Prime Minister Gen. Soe Win in February this year.

The loan is earmarked for five different government ministries, but no details were available on what it would be used for, said the official, who asked not to be named because he is not authorized to speak to the press.