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Japan, Thailand race to rescue of Myanmar's struggling Dawei

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CrazyExpat

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(Reuters) - After months of negotiations and failed promises, a proposed multi-billion dollar Myanmar port and special economic zone that could transform Southeast Asian trade appears back on track.

Thai banks aim to keep the project afloat with short-term loans until an expected Japanese loan of up to $3.2 billion can be secured, officials and sources familiar with negotiations told Reuters.

Thailand's largest construction firm, Italian-Thai Development Pcl ITD.BK, signed a deal in 2010 to build a deep-sea port and Special Economic Zone SEZ.L in southern Myanmar's coastal Dawei into Southeast Asia's largest industrial complex.

But the project foundered, as the Thai builder failed to secure $8.5 billion to finance construction of its first phase -- roads, utilities and a port.

For the full Story:

http://www.reuters.com/article/2012/09/21/uk-myanmar-thailand-dawei-idUSLNE88K00R20120921

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