YANGON, Myanmar -- The World Bank says it is prepared to resume assistance to Myanmar after a hiatus of 25 years. It's ready to provide $85 million in grants for development while also helping to clear almost $400 million in arrears from old loans.
World Bank Vice-President for East Asia and Pacific Pamela Cox announced the grants in Yangon on Wednesday as she opened a new World Bank Group office. She said they could begin by October if the bank's board approves.
Cox and a colleague from the affiliated International Finance Corporation met with President Thein Sein and opposition leader Aung San Suu Kyi this week. It was the first visit by senior bank officials since the country began undertaking political and economic reforms last year after decades of repressive military rule.
