Myanmar's Union Parliament has approved borrowing a loan from the Neighboring Countries Economic Development Cooperation Agency (NEDA) of Thailand for the Greater Mekong Subregion (GMS) East-West Economic Corridor towns development project, parliament sources said Friday.

The 24.3-million-U.S.-dollars loan, sought by the Ministry of Construction and Kayin state government and passed by the 10th session of the Union Parliament held in Nay Pyi Taw Thursday, is to be used for upgrading water distribution system and waste disposal system as well as for capacity building of government employees in Myawaddy of Kayin state, Deputy Minister of Construction U Kyaw Lin told the parliament.

He added that the NEDA loan is beneficial not only for the development of Myawaddy but also the related development in tourism and industrial development sectors supporting Myanmar's entire economy.

Minister of Planning and Finance U Maung Maung Win said Myawaddy town is an important town for Myanmar-Thailand border trade with Myawaddy-Kawkareik road, having been built to meet ASEAN standard and Friendship Bridge already opened, foreseeing that trade and commerce are to develop more in Myawaddy in the future.

Thursday's parliament session also approved the signing of a multilateral memorandum of understanding on Mekong Capital Market Cooperation.