The Asian Development Bank has announced that it has temporarily suspended all funding and new contracts for its local operations following a military coup in Myanmar.
The Asian Development Bank issued a statement on the 10th following a military coup d'etat in Myanmar, expressing deep concern about the loss of lives as citizens continue to protest there.
On top of that, it announced that it has temporarily suspended all funding and new contracts for its business in Myanmar from the 1st of last month.
The Asian Development Bank has provided Myanmar with a loan of approximately $ 2.4 billion from 2013 to 2019 to support the development of basic infrastructure such as electricity and water.
In Myanmar, which has achieved economic development with loans from the Asian Development Bank and others as democratization progresses, delays in infrastructure development are a major issue, so this decision is likely to hurt the Myanmar military.