November 2012 Last updated at 22:51 ET
As Burma reforms, investors have their eyes on its vast mineral resources
As Burma reforms, investors have their eyes on its vast mineral resources
The World Bank has approved an $80m (£50m) grant and pledged lending for Burma, the second poorest country in Asia, for the first time in 25 years.
The money will go to rural communities to build roads, bridges, schools and health clinics, theWorld Bank said.
It comes after the current government began implementing economic, political and other reforms.
Last month, the US lifted sanctions and restrictions on financial institutions lending to Burma.
"I am heartened by the reforms that have been taking place in Myanmar [Burma] and encourage the government to continue to push forward with their efforts," said World Bank President Jim Yong Kim in a statement.
Another $165m will be made available to Burma once the country has cleared its overdue debt to the bank, said Pamela Cox, World Bank vice-president for East Asia and the Pacific, in a conference call to reporters.
Discussion will continue in coming months on how to allocate those funds.
"We want to target to creating opportunities for all the people of Myanmar, especially the poor and vulnerable," she added.
Reforms have been taking place in Burma since elections in November 2010 saw military rule replaced with a military-backed nominally civilian government led by President Thein Sein.
Under his administration, many political prisoners have been freed and some censorship lifted. The party of freed pro-democracy leader Aung San Suu Kyi has rejoined the political process - after boycotting the 2010 polls - and now has a small presence in parliament.
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