JBIC concluded a shareholders' agreement with Myanmar's Ministry of National Planning and Economic Development (MNPED) regarding establishing a Project Promoting Vehicle (PPV). PPV will be established to support, from the early stages, projects that are expected to be commercially viable, such as urban development projects throughout Myanmar, including the Yangon metropolitan area, in order to resolve various problems including traffic congestion and jumps in land prices due to inefficient land use. The establishment of a PPV is in line with the Project List*1 announced at the Japan-Myanmar Summit Meeting in May 2013, and a PPV will make it possible to undertake various operations such as promoting private-sector projects and supporting efforts to obtain licenses. It will also facilitate investment by private companies, including Japanese companies, in Myanmar. As Japan's policy-based financial institution, JBIC will advance efforts to develop projects and contribute to the further deepening and expansion of the economic relationship between Myanmar and Japan.
- *1This document was prepared by a public-private partnership task force on Myanmar, which consists of the Government of Japan and relevant institutions and associations. In this Project List, JBIC is expected to build up an appropriate financial mechanism (including the establishment of promotion vehicle) from early stage for the infrastructure development in the sector such as power, industrial zone and urban development, implemented by public and/or private entities.