Myanmar's parliament has approved a loan from the International Fund for Agricultural Development (IFAD) and another loan of from the Economic Development Cooperation Fund (EDCF), Myanmar News Agency reported Friday.

The Union Parliament passed the loans in Thursday's session.

The loan of 8.984 million U.S. dollars from the IFAD is to conduct project works of the Ministry of Agriculture, Livestock and Irrigation, and the Ministry of Planning and Finance, while that of EDCF with 61.816 million dollars from the EXIM Bank of Korea is to carry out project works of the Ministry of Construction.

In August, Myanmar's parliament passed a motion to accept a soft loan of 40 million U.S. dollars from Italy and another loan of 40.5 million U.S. dollars from the Asian Development Bank (ADB) to be used in implementing projects of the Ministry of Agriculture, Livestock and Irrigation.

The Italian loan was to support electrification of the entire country through a preliminary electrification system in villages far away from the national grid, while the ADB loan was to be used to fund the Climate Friendly Agribusiness Value Chains Sector Project for a total of 14 townships in central Myanmar's Magway, Mandalay and Sagaing regions.