YANGON,June 15 (Xinhua) -- The Asian Development Bank (ADB) will increase sovereign concessional loan from 150 million U.S. dollars to 350 million dollars by 2017, according to the ADB group's release published Wednesday.
The announcement came on the occasion of ADB President Takehiko Nakao's arrival Tuesday on a visit to Myanmar.
The ADB loan will be used in infrastructural building, education promotion and job creation, the release said.
According to the ADB figures, Myanmar's gross domestic product (GDP) dropped to 7.2 percent in 2015-16 fiscal year but is expected to pick up and grow to 8.4 percent in this fiscal year of 2016-17.
Meeting with Myanmar President U Htin Kyaw and State Counselor Aung San Suu Kyi in Nay Pyi Taw on Tuesday, Nakao expressed welcome for Myanmar's initiative to increase infrastructure investment through public-private partnership in telecommunications sector and power generation.
Myanmar joined ADB in 1973. ADB resumed operation in the country in 2012 and has since then approved six sovereign loans totalling 892 million USD including 512 million USD used for a special program loan in 2013 to support macroeconomic reform and restructure arrears and five grant projects under the Japan Fund for Poverty Reduction for 39 million USD.
ADB had also granted four non-sovereign projects since 2014 totalling 932 million USD.