Japan will provide 5.549 billion Japanese yens' (about 50.5 million U.S. dollars') grant aid to Myanmar for the development of financial market infrastructure, Myanmar News Agency reported Friday.

Notes were exchanged concerning the grant in Nay Pyi Taw Thursday between Myanmar Deputy Minister of Planning and Finance U Set Aung and Japanese Ambassador Ichiro Maruyama.

The project aims to enhance the functions of CBM (Central Bank of Myanmar)-NET, which was introduced in January 2016, thereby adapting to the changes of the environment surrounding financial infrastructure, the report said, adding that the enhanced CBM-NET is expected to contribute to strengthening the Myanmar economy further.

Meanwhile, Japan also pledged in January to offer 20 million U.S. dollars of humanitarian assistance to the conflict-torn western Rakhine state as part of helping Myanmar's government in restoring peace, reconciliation and development of the state as well as poverty reduction.