By SU MYAT MON | FRONTIER
NAY PYI TAW — Lawmakers have approved a 5 million euros (US$6.2 million) soft loan and grant package from Austria to build a bridge in Rakhine State’s Kyaukphyu Township.
The loan was approved today, after seven lawmakers discussed the proposal on January 19.
Austria’s Unicredit Bank will provide the funds, of which 15 percent is a grant and 85 percent will be repaid over 25 years with no interest, lawmakers were told.
The bridge will join Zinchaung and Kin North village, which are on opposite sides of Kin Creek, and be built in three years.
The funds will be used to purchase steel for the 383-metre (1256-foot) bridge, which will have a capacity of 75 tonnes.
During the discucssion last week, Pyithu Hluttaw lawmaker U Ba Shein (Arakan National Party, Kyaukphyu) said the bridge would bring benefits to people in three townships: Kyaukphyu, Ramree and Munaung.
“After the bridge, the residents … will benefit because it will improve trade and transportation,” he said.
The union government is also contributing to the construction costs, allocating K6 billion for the project in 2017-18.