Myanmar to receive $1bn IFC boost

The International Finance Corporation (IFC) has confirmed plans to dramatically increase its funding to Myanmar over the next three years, with infrastructure investment high on the agenda.

The institution will increase its financial support to the Southeast Asian country by $1bn over the next three years in order to aid development in the private sector.

It will focus on three core areas: private sector development, financial reforms, and infrastructure projects, particularly in the power sector.

Vivek Pathak, the IFC's director for Asia Pacific, said: "Building business-enabling infrastructure and expanding access to finance are critical to reviving Myanmar's private sector."

He added that the IFC plans to invest around $400m in the fiscal year 2015. Most of the IFC's projects aim to improve infrastructure and the financial sector, which will lead to sustainable growth.

PPP projects have been few and far between in the country, however the government has actively been trying to ease restrictions in doing business abroad over the last few years. In November a new airport PPP was signed.