Exclusive: Hungry for power, Myanmar bets on hydro in new energy plan

YANGON (Reuters) – Electricity-starved Myanmar is looking to overhaul its long-term power strategy, aiming to hike the planned share of hydropower in its energy mix at the cost of polluting coal as it tries to attract foreign investment. The new democratically-elected government of Aung San Suu Kyi has made job creation one of its top […]

Hydropower working group launched in Myanmar

The International Finance Corporation and more than 100 members of Myanmar’s private hydroelectric power sector have launched a new working group to help “influence policy and identify solutions to improve upon sustainability and business operations in Myanmar.” The organization, called the Hydropower Developers’ Working Group, represents more than 100 stakeholders in the country’s hydro sector, […]

Myanmar’s Mr Clean says he takes ‘red tape road’ to profit

Scaffolding around the 139-year old Burma Railway Headquarters, a red-brick colonial relic at the center of a half billion dollar property development in central Yangon, hasn’t seen much action since the project was announced four years ago. Serge Pun, the 63-year-old project developer and one of Myanmar’s richest men, says his Landmark development – which […]

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 […]

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 […]

Companies Resize Ambitions in Myanmar After Census

Census Shows Population Is Significantly Smaller Than Earlier Estimates Buddhist devotees visit Myanmar’s Shwedagon Pagoda. An official census released Saturday found the population of the country was significantly smaller than previously thought. Associated Press YANGON, Myanmar—A lower-than-expected population count is taking some of the shine off Myanmar, compelling current and hopeful investors to reassess what […]

DVB talks to Vikram Kumar, IFC

Vikram Kumar, the Resident Representative for the International Finance Corporation (IFC) in Myanmar, spoke to DVB Interview International’s Alex Bookbinder about IFC investments in Yoma Bank and Shangri-La hotels. The IFC, which is part of the World Bank Group, are financing several major infrastructure projects in Myanmar. One major investment is US$75 million in funds […]

IFC looks at financing burgeoning tower sector

The International Finance Corporation (IFC) intends to invest in Myanmar’s mobile tower industry, keen on the economic and financial benefits the sector will bring to the country, according to IFC resident representative Vikram Kumar. While improved mobile connectivity will generate additional business activity, there are also direct advantages for Myanmar firms. “There’s a huge spill-over […]

IFC provides local bank US$ 5 million for trade financing

YANGON—The International Finance Corporation announced on Tuesday that it has provided a US$ 5 million trade finance facility to locally-owned Myanmar Oriental Bank Limited that will allow the bank to help local companies increase their imports and exports, generate more foreign exchange, and create jobs. This facility will enhance MOB’s capacity to cover the payment […]