The Asian Development Bank (ADB) and the Yangon Region Government (YRG) have agreed to partner up in promoting public-private partnerships (PPP) in the urban infrastructure sector.
ADB will provide strategic and transaction advisory services to support YRG. In this role, ADB will advise YRG in prioritizing key urban infrastructure projects, in particular on projects that could be procured through PPPs.
The advisory services agreement was signed today at a ceremony in Yangon by U Myint Thaung, Minister of Planning and Finance, YRG, and Winfried Wicklein, ADB’s Country Director for Myanmar. U Phyo Min Thein, Chief Minister of YRG, and Ryuichi Kaga, Head of ADB’s Office of Public-Private Partnership in its headquarters in Manila, witnessed the signing.
“Modernized spatial planning, urban management, and project structuring for accommodating private investments through public-private partnership will be a critical element to facilitate urbanization as a driving force for economic growth, and in making Yangon a competitive, efficient, and livable urban region,” said Mr. Kaga.
Building on ongoing urban planning work and initiatives in Yangon, ADB will focus on screening and prioritizing projects, undertaking due diligence, and structuring work with a view to place these projects in the market for private sector investment. Part of this effort from ADB includes a strategic and transaction advisory services agreement signed with the Government of Myanmar’s Ministry of Transportation and Communications in February 2017 to support, screen, prioritize, and place transport infrastructure projects for PPPs.
“PPPs will play a key role in delivering the urban infrastructure needed to meet the economic and growth targets for the Yangon region. This ADB-YRG cooperation is the first step for systematically prioritizing the projects that could be delivered using a PPP modality. YRG highly appreciates ADB assistance and strong support,” said U Phyo Min Thein.
