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Myanmar to establish Tourism Development Bank

The tourism industry will get a boost after the establishment of a Tourism Development Bank. At the moment, it is awaiting for the Central Bank to grant the permission, according to Than Tin, the managing director of the Myanmar Tourism Bank. “We first expected to get the licence in May. But the licence is yet to be given. We will open the new bank as soon as we gained the permission. The first bank will be open in Nay Pyi Taw and then Mandalay and Yangon,” said the managing director.

The proposed development bank will provide loans, technological assistance and communications. The move comes as a result of a high influx of international tourists. The tourism sector showed a profit of US$1 billion in 2014 which is expected to double this year. A public company, investor recruitment, selling of shares, organising and participating in tourism-related events, have all been pre-approved by the government. This ambitious project is expected to contribute not only to the tourism industry, but also to other related businesses.