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World Bank offers Myanmar $100m for Rakhine development

World Bank offers Myanmar $100m for Rakhine development

by | May 25, 2021 | Muslim World

RakhineNaypyidaw : The World Bank has offered Myanmar $100 million in aid for development projects in the conflict-torn state of Rakhine, hit by violence in 2017 that led to the exodus of more than 700,000 Rohingyas, a Muslim minority community, to neighbouring Bangladesh.

The offer came during a three-day visit by the World Bank Vice President for East Asia and Pacific, Victoria Kwakwa, to Myanmar, according to a statement released after the conclusion of her visit.

The World Bank “supports, in collaboration with the UN and other partners, to put in place the conditions for safe, voluntary and dignified return of refugees,” read the statement.

The aid would be used in projects in Rakhine with a focus on job creation, micro and small-enterprise development and to ensure access to essential services for all communities, including repatriated refugees, Efe news reported.

During her meeting with Myanmar State Counsellor and Nobel Peace Prize laureate Aung San Suu Kyi, Kwakwa discussed the importance of inclusive and sustainable development for all communities in Myanmar.

The UN rapporteur for human rights in Myanmar, Yanghee Lee, had warned two days ago in Bangladesh that the return of the Rohingya refugees — whom Myanmar considers to be illegal immigrants from Bangladesh — would be delayed as the situation in Myanmar was not yet favourable for their repatriation.

On November 17, Myanmar and Bangladesh had signed an agreement for the repatriation of Rohingya refugees living in the Bangladeshi refugee camps, which was scheduled in January.

The UN also signed an agreement with Myanmar in June to pave the way to recognize rights of the Rohingya community.

—IANS

Myanmar tries to attract investment in less-developed regions

Myanmar tries to attract investment in less-developed regions

by | May 25, 2021 | World

maynmar lessNay Pyi Taw, (IANS) Myanmar will reduce tax on foreign investors in a bid to woo them to invest in less-developed regions, an official report said Thursday.

“Less developed regions in Myanmar could see an increase in investment if tax were to be reduced to make such business ventures more attractive,” the department of investment and companies said in the report.

The measure will be included in the new foreign investment law which is currently being drawn up, the department revealed.

Less developed areas cover Chin, Kayah and Rakhine states where primary requirements are basic housing and road infrastructure along with access to electricity which presents a special opportunity for potential investors.

The agricultural sector will be given priority to such investment, said officials of the department.

According to the Myanmar Investment Commission, over 80 submissions have been made to the commission so far during 2016-17 fiscal year by foreign and domestic companies intending to make investment in the country.

The year has attracted over $15 billion or 30.89 percent in the electricity sector and $37 million or 0.06 percent in the construction sector, statistics showed.