WASHINGTON, Nov. 5 (UPI) -- For the first time in 25 years, the World Bank announced it was setting aside $245 million in financial aid for Myanmar to support social reforms.
Myanmar has been praised by the international community for taking a series of steps toward democracy, beginning with general elections in 2010.
World Bank President Jim Yong Kim said the funds would assist the creation of conditions in the country that would support economic growth. He said he was "heartened" by political reforms under way.
"We hope to move ahead as part of a united global community to deliver solutions to address people's most urgent development needs, especially in areas such as health, education and infrastructure and we'll also work to build up the private sector so jobs can be created," he added in a statement.
World Bank officials said they were aware that political transitions are slow but expressed hope that work there would translate quickly to more private sector development.
Myanmar is one of the poorest nations in Asia. U.S. laws passed this year opened the door to investments there.
Despite the political reforms, however, the country has received criticism for its national security and human rights record. Communal violence, most recently in Rakhine state, has left hundreds of people dead and entire villages destroyed.
