U.S. Industry Groups Applaud Passage of Bill to Allow Development Lending to Myanmar

Legislation Will Spur Investment and Economic Growth

WASHINGTON, D.C.—The U.S. Chamber of Commerce, the US-ASEAN Business Council, and the National Foreign Trade Council today applauded passage of a bill in the U.S. House of Representatives to ease restrictions on international financial institution lending to Myanmar.  At present, U.S. law requires American representatives at these institutions to vote against loans for Myanmar.

“This is a very important and welcome step by the House of Representatives, and we encourage the Senate to follow suit and promptly pass this bill,” the three organizations said.  “Myanmar is undergoing wholesale reform and the United States and our partners in the international community need to ensure that resources are made available so Myanmar can continue to implement the reforms advocated for by the international community.”

The bill, introduced by Congressman Royce, would provide the president with the authority to waive existing law barring U.S. participation in project loans from the World Bank, and other multilateral development banks lending to Myanmar.  The law itself, however, would remain in place.  

Over the past year, Myanmar has freed hundreds of political prisoners, allowed a free and fair parliamentary election, eased restrictions on the media, pursued ceasefires with ethnic groups, and has taken other steps to open and reform its political system.  At the same time, it is opening and overhauling its economy in order to promote economic growth and improve living standards.

The National Foreign Trade Council (NFTC) is the historic U.S. business organization advocating a rules-based world economy. Founded in 1914 by a group of American companies that supported an open world trading system, the NFTC and its affiliates serve more than 300 member companies through offices in Washington and New York.”

The US-ASEAN Business Council has represented the largest U.S. companies doing business in the Association of Southeast Asian Nations for over 25 years. Council members span all industry sectors, and include newcomers to the region as well as those active in Southeast Asia for over 100 years.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.