Kanthan Shankar, the World Bank’s Country Manager for Myanmar, discusses the Bank’s projects.
Kanthan Shankar: The World Bank is currently working with both the public and private sectors in Myanmar. From 1987 to 2012, the World Bank did not deal directly with the government of Myanmar because its finances were in arrears, but we have renewed our partnership. The Bank’s International Development Association (IDA) provides concessional loans to Myanmar since the country’s per capital GDP is within IDA limits. In the private sector, the Bank’s International Finance Corporation is very active through providing advice on policy-making and private-sector development, as well as through equity and loans.
European Times: What are the Bank’s goals for Myanmar?
Kanthan Shankar: Our twin goals are to reduce absolute poverty to below 3% by 2030, and to increase the growth of the bottom 40% of the poor by promoting equitable distribution of the fruits of economic growth. Our strategy is three-fold: we want to support government reforms, strengthen institutions, and develop a long-term partnership with Myanmar.
European Times: What are some of your projects here?
Kanthan Shankar: Our first community-development project in Myanmar is in the Jin, Shan and Taninthayi states. We wanted to do our first project in an equitable way that be replicated in other states in the future. This project mainly involves rehabilitation of roads, schools, sanitation and other infrastructure. A township in each state is chosen to administer the programme. We are working very closely with the Ministry of Fisheries and Rural Development. In addition to loan support through the IDA, we are also involved in an energy project in Myanmar because only one-third of the population has access to electricity. We are going to rehabilitate a power plant in the state of Mon and increase its output by 250%. This project will benefit rural areas, and the Bank and the IFC are providing incentives to the private sector to invest in these areas. International investors can really make a positive impact in rural Myanmar and achieve benefits for themselves as well.
European Times: What are your long-term goals?
Kanthan Shankar: Our long-term focus will be on rural development, renewable energies, telecommunications, financial performance and education. Myanmar’s ICT sector is expected to grow very quickly in a very short time, and we are helping the government develop an ICT regulatory and legislative framework. The government of Myanmar is really determined to do everything right from the beginning.
