World Bank's Vice President Axel van Trotsenburg to visit Myanmar

World Bank Vice President for East Asia and Pacific Axel van Trotsenburg will visit Myanmar this week to launch the World Bank Group's new Country Partnership Framework with Myanmar, according to the World Bank's release on Tuesday.

The recently endorsed 2015-17 Myanmar Country Partnership Framework (CPF) provides for up to 1.6 billion U.S.dollars in credits, loans and grants, as well as technical assistance and knowledge from the International Development Association (IDA), the Bank's fund for the poorest countries, the release said.

The release said that Myanmar will also receive up to 1 billion U.S.dollars in investments and 20 million U.S.dollars in technical assistance from the International Finance Corporation ( IFC), the private sector arm of the World Bank Group.

"Millions of people in Myanmar will benefit. We are focusing on the three vital areas -- poverty, people and jobs. Reducing rural poverty, providing basic services, and stimulating the private sector," van Trotsenburg said.

The new CPF builds on findings from the Bank Group's first ever Systematic Country Diagnostics. It draws on intensive and systematic engagement and extensive consultations with the government and parliament, the private sector, civil society, and development partners, the release added.

During his four day visit to Myanmar, van Trotsenburg will visit Yangon and Nay Pyi Taw for discussions with senior political leaders, the private sector, and development partners.

He will also visit Myeik in Myanmar southern Tanintharyi Region to observe results of the National Community Driven Development Project, the first project receiving World Bank Group support after 25 years.

The project enables poor, rural and remote communities to benefit from improved access to basic infrastructure and services.