Japan to provide Myanmar 602 mln USD new loan (2)

Japan had agreed to write off more than half of the 500 billion yens' debt already owed to it by Myanmar.

Meanwhile, three Japanese firms -- Mitsubishi, Marubeni and Sumitomo have agreed with Myanmar to develop the initial phase of 2,400-hectare Thilawa special economic zone (SEZ) in southern Yangon's Thilawa Port, which will feature factories, workshops and one natural-gas-fired power plant.

The three Japanese firms will obtain 49 percent's share to run the Thilawa SEZ, while Myanmar entrepreneurs in the form of public company, will take 56 percent.

According to figures, Japan injected a total of 221.25 million U.S. dollars as of August 2012 since 1988, standing the 12th in Myanmar's foreign investors line-up.

In the fiscal year 2011-12 which ended in March, trade between Myanmar and Japan nearly doubled, reaching 822.5 million dollars compared with 2010-11's 493.8 million dollars.

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