Myanmar may get long-term interest-free loan from the Saudi Arabian government which has set the country eligible for such loan under its National Assistance Fund being offered for developing countries, local media reported Monday.
The Saudi government's 25-year interest-free loans are particularly aimed at social development in such areas as schooling, healthcare and electricity generation as well as other development projects if necessary, the Saudi Embassy sources was quoted by the weekly Myanmar Times as saying.
Myanmar and Saudi have no official business links despite forging of diplomatic ties more than three years ago. However, Myanmar exports seafood, gems, wood and agricultural products to Saudi, while Saudi could potentially export to Myanmar goods such as pharmaceuticals, canned juice, urea and petroleum products, the sources said.
Saudi is in demand of rice and wheat which it does not produce, the sources added.
Saudi Arabia established diplomatic relations with Myanmar in August 2004 and opened its embassy in Yangon in December 2005.
In May this year, Myanmar Deputy Foreign Minister U Kyaw Thu visited Saudi Arabia and had discussions with his Saudi counterpart on the two countries' trade and Myanmar workers' job opportunities in Saudi.
According to an earlier report of the local Weekly Eleven News, Myanmar is making arrangement to open soon an embassy in Riyadh, capital of Saudi Arabia in the Middle East to start carrying out its diplomatic undertakings.
Source:Xinhua
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