YANGON: The Asian Development Bank (ADB) and the World Bank have approved fresh loans for Burma to aid the social and economic development of the country.
The ADB granted $512 million, while the World Bank approved a $440 million credit, the (BBC) reported Monday.
The loans were made possible after Burma cleared overdue arrears to the two banks with the aid of Japan.
Burma, also known as Myanmar, has been implementing economic and political reforms, resulting in various sanctions against it being lifted.
"Myanmar has come a long way in its economic transformation, undertaking unprecedented reforms to improve people's lives, especially the poor and vulnerable," said Annette Dixon, country director for Myanmar at the World Bank.
"Much work remains to be done. We are committed to helping the government accelerate poverty reduction and build shared prosperity.
"The Bank's engagement, together with the ADB, the Government of Japan and other partners, will help attract investment, spur growth and create jobs," Dixon added.
Burma, one of the poorest countries in Asia, has been hurt by decades of international isolation in wake of the sanctions imposed against it. (QNA)
