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The World Bank lends money to Myanmar for the first time in twenty-five years. A grant of $80 million was approved by the bank in early November 2012.
The loan comes amid economic, political and social reforms introduced by the country's current civilian government led by President Thein Sein. Such reforms replaced the military rule in former Burma in November 2012.
The funds will reportedly go to rural communities and will be used for building roads, bridges, schools and health clinics.
"I am heartened by the reforms that have been taking place in Myanmar and encourage the government to continue to push forward with their efforts," said World Bank President Jim Yong Kim.
According to Pamela Cox, World Bank vice-president for East Asia and the Pacific, another $165 million will be made available to Burma once the country has cleared its debt to the bank.