World Bank to invest $2 billion in Myanmar

On his first visit to Myanmar, World Bank President Jim Yong Kim Sunday announced that the WB Group plans to invest $2 billion in a multi-year development programme for the country, Xinhua reported.

The plan will include projects that dramatically improve access to energy and health care for poor people and support other key government development priorities, Kim was quoted as saying in a press release.

He announced the major increase in new financial support at a community health clinic in Yangon where he was joined by the Myanmar Minister of Health Pe Thet Khin. Kim also pledged the funding will help support ongoing reforms in Myanmar.

"We are increasing our support for the huge reform effort underway in Myanmar because we want to help the government bring benefits to poor people even more quickly," said Kim.

"Our $2 billion multi-year programme will support the government's plans to deliver universal health care to citizens and to help everyone in the country gain access to electricity by 2030."

An estimated 75% of Myanmar's mostly rural population lacks access to quality health care, and high costs place most essential services out of reach for many Myanmar families who live below the poverty line, according to the release.

Kim will attend the second Annual Myanmar Development Forum Monday in Nay Pyi Taw where he will meet with President Thein Sein, members of the government and opposition and business leaders.