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Myanmar company gets loan from Japanese bank

The Bank of Tokyo Mitsubishi UFJ has become the first foreign bank in Myanmar to extend a local currency loan.The bank is one among the 9 foreign banks granted license by the Mynamar government in October to operate in the country on a limited basis. It has sanctioned a 900 million kyat loan ($736,000) to a joint venture owned by a Myanmar company and Japanese trading house, according to reports. Singapore’s United Overseas Bank has extended three loans onshore in Myanmar since winning one of the foreign licences.

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