According to reports, Japanese foreign minister Fumio Kishida made the pledge to extend the offering to Myanmar’s foreign minister Wunna Muang Lwin, and the funds will be allocated to improve network infrastructure and link major cities.
The country is aiming to improve connectivity across the cities of Yangon, Mandalay and the capital Nay Pyi Taw, and Myanmar said it will grant Japanese businessmen 12 month multiple-entry visas as part of the agreement.
The loan marks 60 years of diplomatic relations between Japan and Myanmar, with the hope of deepening bilateral co-operation in a range of areas, including the economy.
Japanese operator KDDI also struck a deal with state-owned MPT last month worth approximately $2 billion to invest in infrastructure and investments across the country.
The second Capacity Myanmar Connect event will be taking place in Nay Pyi Taw on 16 & 17 September 2014.
