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ADB resumes operations in Myanmar

The Asian Development Bank announced Sunday it is resuming lending to Myanmar after a hiatus of nearly 30 years, offering the country a 512 million dollars loan. “The ADB is resuming operations in Myanmar, with an assistance package for social and economic development that is designed to build a solid foundation for further reforms to alleviate poverty and foster growth,” the Manila-based bank said in a statement. The loan was made possible after the Japan Bank for International Cooperation on Jan. 17 provided Myanmar with bridge financing to clear its approximately 500 million dollars debt to the ADB.

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