Yangon, Aug 1 (IANS) The World Bank opened its first country office in Yangon’s Inya Lake Hotel Wednesday while granting $85 million to support reforms in the country.
Visiting World Bank Group Vice President for East Asia and Pacific Pamela Cox announced the grant at the opening of the office, which was jointly made with the International Finance Corporation Vice President for Asia and Pacific Karin Finkeiston, Xinhua reported.
“Myanmar is among the poorest countries in the region. The need of the people are great and the World Bank Group is working with partners to support government reform that will improve people’s lives, especially the poor and the vulnerable,” said Cox.
It will help lay the foundation for broad economic growth, creating opportunities for all, Cox added.
A press release of the World Bank Group also said: “The World Bank Grant will support a national community driven development programme providing fund to people in local communities, including in border conflict areas.
“Community members will select development projects they need and transparency will ensure that everyone can track the use of fund.”