Development banks supplement roads and bridges with digital finance

• Building roads and bridges is still important for World Bank’s IFC, but digitally linking people is rising in significance. • IFC has disbursed $205 million to date into 29 financial technology investments; creating over 4,800 jobs in three years. • Digitally connecting people through new services has created new economic and employment opportunities. Multilateral […]

World Bank has committed over $2b in Myanmar as of June

The World Bank is currently supporting 43 active projects in Myanmar, Cambodia and Laos, with commitments of over US$2.7 billion as of June, according to the World Bank’s press statement. Myanmar accounts for over half of the total commitment in the three countries. 13 projects and over $2 billion are in Myanmar, with the remaining […]

IFC injects $13.5 million into local microfinance institutions

The International Finance Corporation, (IFC), a member of the World Bank Group, has provided a financing package of $13.5 million to various microfinance institutions in Myanmar to support the country’s critical credit demands. The institution has decided to take a $1.5 million stake in Maha Agriculture Public Company (Maha MFI) and extend $6 million in […]

Central Bank to approve credit bureau to ease up loan services

For the setting up of a credit bureau, Myanmar Banks Association and a Singapore-based company – which has been operating a credit bureau – have submitted forms to the Central Bank of Myanmar that will allow collaboration between the two organisations, the official said on April 26. On March 31, the Central Bank of Myanmar […]

Impact of Agricultural Investment in Myanmar

After years of international isolation, Myanmar is liberalizing its economy and seeking to attract growing levels of foreign investment. Agriculture currently plays a crucial role in the country’s economy and more than 60 percent of the population depend on agriculture for their livelihoods. The Government of Myanmar (GoM) has acknowledged the need to support smallholders […]

Telecom sector attracts most foreign investment in Myanmar in 2016

Telecom sector topped the foreign investment line-up of Myanmar with 47.07 percent of the total investment flowing into the country in the fiscal year 2016-2017, according to the statistics of Myanmar Investment Commission (MIC) Tuesday. The telecom sector was followed by industrial sector with 25.5 percent and the rest went to power, hotel and construction […]

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 […]