Kajima gets 5.7 bil. yen of Japan-backed fund for Yangon development
YANGON, NNA - Major Japanese contractor Kajima Corp. has secured funding of some 5.7 billion yen ($53 million) from a Japanese public-private fund for an urban development project in Myanmar's financial capital of Yangon.
The fund, Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development, or Join, will also provide a debt guarantee of around 13.7 billion yen under approval by Japan's Ministry of Land, Infrastructure, Transport and Tourism, Join said in a statement released on Tuesday.
Kajima's subsidiary and Join will establish a joint venture, with Kajima holding a majority stake, an official of the ministry told NNA on Tuesday, without elaborating on the details of the investment.
Under a model urban development project with a total cost of $400 million, Kajima is constructing office buildings, hotels and commercial facilities on 27,000 square meters of public land in the Yankin Area, north of Yangon Central Station.
The statement said the project is expected to be completed by March 2025.
A contract with the Myanmar government allows Kajima to operate the project for a maximum of 70 years.
Kajima plans to introduce Japanese environmental technologies, such as efficient energy management and permeable pavements, as well as a community library and evacuation sites, according to the firm. (NNA/Kyodo)