Speaking at the Invest Myanmar Summit in the capital city, deputy finance minister U Set Aung said the project bank will contain priority infrastructure initiatives which have been screened and approved by Nay Pyi Taw.
The centralised and publicly-accessible database will enable the government to coordinate ministries and departments and prioritise proposals which are in line with the Myanmar Sustainable Development Plan (MSDP). In other words, the project bank provides a mechanism to implement MSDP’s 251 strategic action plans.
The online database should include technical specifications, type of project contracts and other essential details for investors to readily access the information and make informed decisions about, according to Jacobus du Plessis, an energy and infrastructure expert from law firm DFDL.
The initiative aims to align projects with the development objectives of line ministries, and will provide a new framework for public-private partnerships and enable the private sector to invest in state assets.
“The main goal is to bring an element of consistency and planning to the projects as opposed to having them randomly suggested by businesses in the form of unsolicited proposals,” Mr du Plessis added.
In her speech to an audience of international investors on Monday, State Counsellor Daw Aung San Suu Kyi emphasised the need for socially and environmentally sound investments.