Myanmar joins AIF

The ASEAN Infrastructure fund (AIF) has announced that Myanmar has become a full member of the fund.

It has completed all procedures to join the AIF and becomes the 11th shareholder and last country of the Association of South East Asian Nations (ASEAN) regional grouping to gain this status.

U Maung Maung Win, AIF director for Myanmar, said: "Myanmar is pleased to become a full member of the AIF as this is an important step toward further integration into ASEAN and the global economy, as well as helping the country to access funding to invest in infrastructure to support its long-term development."

The AIF has so far financed three infrastructure projects: the $25m Java-Bali 500kV power transmission project; a $40m loan for a sanitation project, also in Indonesia; and a $100m loan for a power grid development project in Vietnam.

The other ASEAN country members are Brunei Darussalam, Cambodia, Vietnam, Indonesia, Lao People’s Democratic Republic, Malaysia, Myanmar, Philippines, Singapore and Thailand.