IFC, YCDC to improve construction permit system

The International Financial Corporation (IFC) the sister organisation of the World Bank, is partnering with the Yangon City Development Committee(YCDC) to reform the city’s construction permit system and optimise the role of the private firms. “The goal of this partnership with IFC is to streamline and automate Yangon’s construction permit process by June 2019. This […]

Oway Group receives private equity to expand in competitive taxi market

Oway Group last week received $7 million in fresh funds from Mekong-focused private equity firm Belt Road Capital Management (BRCM), which is headquartered in Cambodia. The online travel service provider, which is founded by local entrepreneur Nay Aung, operates the mobile taxi-hailing service Oway Ride as well as oway.com.mm, Myanmar’s largest online travel portal. The […]

International partnerships drive transparency among Myanmar companies

Good corporate governance is what attracts investors, such as International Financial Corporation (IFC), for companies, according to the findings revealed by the latest transparency report. The report also points to the very poor disclosure record and absence of corporate governance by companies which are registered at Directorate of Investment and Company Administration (DICA) as “public” […]

A New Harbinger of Good Governance – Myanmar’s Institute of Directors

This week marks the launch of an important market institution – the Myanmar Institute of Directors (MIoD), the first independent, private sector-led organization promoting best corporate governance standards and practices in the country. This is a significant step in Myanmar’s ongoing market reforms and sends a strong signal to the global business community the country’s […]

Yangon elevated expressway doesn’t need MIC approval: official

The Yangon elevated expressway project is a government-to-government project and it doesn’t need approval from the Myanmar Investment Commission (MIC), according to the MIC. “Government-to-government projects are not submitted to the MIC. If the investment is made by public, private and partnership and as a developer, it is submitted to the MIC. The infrastructure projects […]

IFC, Regulators Assess Corporate Governance of Myanmar Firms

IFC, a member of the World Bank Group, is working with Myanmar regulators to benchmark the corporate governance practices of Myanmar companies against international standards to help them improve performance, according to a statement. Numerous studies show that stronger governance helps companies operate more efficiently and manage risks better. In cooperation with the Securities and […]

Locals Upset Over IFC Meeting Regarding Salween Hydropower Project

MANDALAY — Action for Shan State Rivers (ASSR) said on Monday that locals were saddened by the meeting of the International Finance Corporation (IFC) concerning the controversial hydropower projects on the Salween River in Shan State. “Despite disagreements, the IFC held a stakeholder discussion in Taunggyi on Monday, without representatives of impacted locals or local […]

United International Group to Open Five Amata Hotels in 2018-19

United International Group, owner and operator of Amata Hotels in Myanmar, will open five more hotels in the country, U Win Aung, group CEO of United International Group told The Myanmar Times Monday. The company will open two new Amata hotels at Inle Lake and Pindaya in Shan State, two in the Myeik archipelago at Tanintharyi Region […]

Yangon to Build $400 Million Elevated Expressway

The Ministry of Construction and International Finance Corporation (IFC) on January 11 signed an advisory services agreement to build an elevated expressway connecting Yangon port, Thilawa SEZ, Yangon International Airport, Yangon Industrial Zone and Yangon-Mandalay expressway. The 20.5-kilometre elevated expressway will cost US$400 million (535.86 billion kyat), with maintenance costs to be paid for by […]

Myanmar Allows Import of U.S. Corn

Myanmar imposed new pest risk analysis requirements for imported plant-related commodities, including U.S. corn, on Jan. 1, 2017. Under the new directive, the Myanmar Plant Protection Division (PPD) prohibited the import of plant and plant-related products unless the exporting country provided this new information, which includes how the country deals with pest outbreaks and is […]