IFC to invest US$10billion in Myanmar Awba Group

International Finance Corporation (IFC), a member of the World Bank Group, entered into an agreement to make an investment of US$10billion in Myanmar Awba Group, it is learnt from a signing ceremony held on 6th September at Hotel Novotel, Yangon. The investment provided by IFC will be spent on the Hmawbi Agricultural Input Complex, which […]

IFC to finance $40m Myanmar-based gas turbine project

The International Finance Corporation (IFC) is planning to invest $40 million in a 225 megawatt combined cycle gas turbine power plant at Mandalay according to the dealstreetasia website on 8 October. The investment will be in the form of debt financing for the power plant, which will be built by a consortium of companies including, […]

Gems and minerals bank to register in September

The creators of a new bank to service the gems and minerals sector will apply for a licence this month, spokesperson U Thet Naing told The Myanmar Times. If licenced, the new bank will add to a number of sector-specific banks that have opened over the past couple of years, including the Construction and Housing […]

Myanmar Oriental Bank to Expand Financing for Smaller Businesses

Local lender Myanmar Oriental Bank will receive a $7 million convertible loan from the World Bank’s private lending arm International Finance Corporation (IFC) to expand financing for small and medium enterprises in urgent need of capital to grow their businesses. “IFC’s investment enables Myanmar Oriental Bank to better serve the needs of Myanmar’s small and […]

Industry banks add to sector’s risk

With each new approval of an industry-focused bank, Myanmar’s banking sector becomes riskier. Instead of creating more banks, Myanmar should streamline its existing institutions to minimise the chance of a banking sector crisis, according to international advisers, who have warned the government against the systemic risks created by sector-specific banks. However, despite an already crowded […]

IFC signs second convertible loan with local bank

The World Bank’s International Finance Corporation (IFC) will issue a US$7 million convertible loan to Myanmar Oriental Bank (MOB), to help finance small and medium enterprises (SMEs). This is the second such loan issued by the IFC in Myanmar – last September it signed with Yoma Bank for a $5 million convertible loan, also to […]

MIL buys equity stake in Apollo Towers

Apollo Towers raised US$30 million in equity from Myanmar Investments International Limited (MIL) on July 31, six weeks after receiving approval for a $250 million loan from the US government’s development finance arm, Overseas Private Investment Corporation (OPIC). The towers company, which was set up by former CEO of Orange Group Sanjiv Ahuja and US […]

MIC plans to delegate investment powers

“We are considering delegating power to the state and regional governments, and allowing them to approve certain projects, though the details are not yet fixed,” he said. “We want to do this for two reasons – one is to delegate power from the MIC to the state and regional governments, and the second is that […]