The Union Parliament voted down the Yangon Region Government’s proposal to receive loans worth 70 million euros from the French Development Agency. Regional government officials attempted to convince lawmakers that the project would ultimately benefit Yangon residents. The regional government has spent almost two years preparing the project. The voting took place on Thursday with 34 votes in favor of the proposal and 497 against, with six absentees.  With the interest rate being low and the country getting 32 years grace period, the loan seems to be attractive. Lawmakers have opposed the proposal because the Yangon Region Government could not clarify details of how funds from the loan would be used, said Lower House lawmaker Daw Khin San Hlaing.