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Myam-narTotirisiii Association says the MyanmarTburism Bank Public Company had already been registered with the Directorate of Investment and Company Administration.

However, the bank is waiting for its permit before it can open services for the tourism industry.

Initially, the tourism bank expected to get its license last May.

MyanniarTimes quoted the tourism association head, U Yan Win, saying: “We expect to get the bank license soon and will open branches across the country to expand tourism development.” The bank will provide financing to hotels, transportation and tourism companies, he said.

The association asked the government to provide capital to allow the bank and issue loans, the report said. According to the Directorate of Investment and Company Administration, the company had been registered, but approval for banking business was still required from the Central Bank of Myanmar.

Once it receives the green light, the first branch should open in Nay Pyi Taw followed by Mandalay and Yangon.

The proposed development bank will provide loans and technological assistance for potential projects that will require government approval and oversight.

The move to establish a specialised bank was prompted by an exceptional growth in tourism in the last three years.

Last year, the country welcomed 3.08 million international tourists up 51% from 2.04 million visits in 2013.

It earned USD926 million in 2013, and USDIA 4 billion in 2014 from tourism, accord-big to Ministry of Hotels and Tourism Statistics.
REF : TTR WEEKLY

Source : Traveller (From Sept 21 to Sept 27 )Vol 3, No 15