ADB joins Thailand in developing neighbouring countries

BANGKOK, Oct 15 (TNA) -- Finance Ministry’s Neighbouring Countries Economic Development Cooperation Agency (NEDA) and the Manila-based Asian Development Bank (ADB) on Thursday signed an agreement to cooperate on supporting economy of neighbouring countries. Witnessed by Finance Minister Apisak Tantivorawong, the accord calls for supporting economic development projects which also include public health and education affairs in Thailand’s neighbouring countries. The ‘partnership agreement’ requires both sides to extend loans, transfer of technical know-how and to help boost development to the recipient. Both ADB and NEDA are exploring a possibility to further develop major cities in Myanmar by giving loans amounting 1.977 billion baht to improve their tap water and electricity systems. In 2016, both agencies plan to extend loans amounting 300 million baht to the Laotian capital of Vientiane to invest on preparations for the Asian Games and to Cambodia for 600 million baht to develop its border checkpoints with Thailand. ADB has already invested more than 6 billion US dollars on development programmes for countries along the Mekong River basin and more than 100 million US dollars in the past two decades on academic related issues. (TNA)