Washington, Sep 25 (IANS) The World Bank Group (WBG) Tuesday announced that its board of executive directors has approved $140 million of interest-free credit to fund the installation of a modern power plant in Myanmar's Mon state.
The funding comes from the International Development Association (IDA), the WBG's fund for the poorest developing countries, Xinhua reported.
This effort is part of Myanmar's power expansion plan and the cornerstone of the WBG's support for the country's energy sector development, the WBG said in a statement.
"The World Bank Group provides financing, analysis, and advice, bringing good practices from across the globe to Myanmar's energy sector. We are also working to leverage private sector investments in power generation and distribution," said Axel van Trotsenburg, World Bank's vice president for east Asia and the Pacific.
The project will replace aging gas turbines with new units, which will produce 250 percent more electricity with the same amount of gas and reduce emissions.
It is the first step to bringing more and cleaner electricity to the people of Myanmar. In Myanmar, where more than 70 percent of the people have no access to electricity, turning on the lights is an urgent priority, the statement said.