Japan to provide Myanmar 602 mln USD new loan

YANGON, Nov. 20 (Xinhua) -- Japan has offered to provide Myanmar a new loan of 50 billion yens (about 602 million U.S. dollars) for the development of the country's nationalities in border areas and construction of Thilawa Port and deep seaports, official media reported Tuesday.

The offer was made by Japanese Prime Minister Yoshihiko Noda to Myanmar President U Thein Sein in Phnom Penh on the sideline of the 21st Summit of the Association of Southeast Asian Nations ( ASEAN).

The loan will also be used in poverty alleviation, communications, Myanmar-host 2013 Southeast Asian (SEA) Games and 2014 Myanmar's ASEAN chairmanship, said the New Light of Myanmar.

Moreover, Japan would help train Myanmar officials in Japan, it said.

Noda reaffirmed Japan's support for Myanmar's reform process taken under the leadership of U Thein Sein, it added.

Japan, Myanmar's largest creditor, announced in October that it will clear Myanmar's overdue debt of 500 billion yens (about 6 billion U.S. dollars) next January and it will resume tens of billions of yens in concessional loan to Myanmar which is expected by early next year.

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