11 Nov 2020 - Source: Myanmar Times - Implementation of the Ayeyarwady Coastal Region Development Project, an expressway connecting Ayeyarwady Region and Rakhine State listed under the Myanmar Project Bank, will start from this fiscal year, according to the Ministry of Construction.The project is estimated to cost US$94 million and expected to be complete in fiscal 2023-24.
The project will involve the construction of a 274-km coastal road from Nga Yoke Kaung township, Pathein District in Ayeyarwady Region to Gwa township in Rakhine State. When complete, it will help spur economic development and improve security along the expressway.
The project is in accordance with the National League for Democracy government's plan to develop logistics infrastructure and raise productivity in the agriculture and aquaculture sectors, which are the main revenue generators for Ayeyarwady and Rakhine.
The construction of the coastal road will facilitate the transport of agricultural and fisheries products from Ayeyarwady Region and other neighbouring regions to key ports in Myanmar for export.
The project, once completed, will spur hotel and resort projects along the coast and regional development will be further improved by tourism activities, said U Aung Kyaw Zan, Rakhine State Minister for Electricity, Industry and Roads.
It will also enhance accessibility of the rural people to social services, such as health and education and economic opportunities.
The project bank represents "an online one-stop-shop, where all information on projects designed to implement the MSDP can be easily accessed with a single click," according to the website.
It also establishes a reliable and transparent system which links major investment projects with appropriate sources of financing.
Other projects include the US$900 million Yangon Elevated Expressway, $847 million No.1 Steel Mill in Myingyan, $660 million Sagaing international textile-based industrial cluster and the $524 million Bago-Kyaikhto highway.
Dry ports will also be constructed in Monywa, Magwe, Pakokku, Kalaywa and Bamaw while the upgrade of the Bagan-Nyaung-U airport, and transportation infrastructure on the Chindwin River will also be implemented.
The other projects include power infrastructure, solar and wind projects, roads and bridges, and recommissioning of state-owned factories.
The project bank was launched in February with 58 projects. In August, 71 projects with a combined value of $7.9 billion were added into the bank.