Asia
Norway gives Myanmar huge gift
Oslo: Norway is cancelling the whole of Myanmar’s debt to Norway, totalling some NOK3.2bn.
Norway was Myanmar’s fourth largest creditor, all of it going back to the Norwegian ship export campaign. Between 1976 and 1980, Norway exported 156 vessels, as well as shipping equipment, to 21 countries through government-guaranteed export credits. The cancellation of debt to Norway through this campaign started in 2007.
“This is historic, not only for Myanmar, but also for Norway. This is the largest developing country debt that we have ever cancelled. I am proud that once again Norway is leading the way,” said Heikki Eidsvoll Holmås, Norway’s Minister of International Development. [01/02/13]