World Bank Arm Defends Mandalay Cement Factory Project Amid Civil Society Opposition

Following an open letter sent to the World Bank’s President Jim Kim by a coalition of community-based organizations opposing a proposed plan to support the expansion of a cement plant in Mandalay Region and the coal mine that fuels it, the International Finance Corporation (IFC) maintains that the project is worthwhile. The open letter was […]

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 […]

IFC launches its sustainability guidelines in Myanmar language

Arm of world bank guides local companies on managing environmental, social risks The International Finance Corporation, a private sector arm of the World Bank Group, last week released a Burmese version of its Performance Standards on Environmental and Social Sustainability. The publication is a set of eight internationally recognised norms that guide companies and governments […]

IFC launches its sustainability guidelines in Myanmar language

The International Finance Corporation, a privatesector arm of the World Bank Group, last week released a Burmeselanguage verฌsion of its Performance Standards on Environmental and Social Sustainability. The publication is a set of eight internationally recognised norms that guide companies and governฌments on identifying and managing environmental and social risks to achieve sustainability. Bernard Sheahan, […]

A company of my own’: the rise of Myanmar’s tech pioneers

“It’s always been my ultimate goal to have a company of my own,” says Htun Khaing Lynn, or Zack, as he prefers to be called. Last September the 22-year-old engineering graduate from Myanmar’s eastern Shan state co-founded online truck-pooling service Kargo, which connects individuals and businesses who need to move goods around congested Yangon. Cars […]

IFC to Help Myanmar Develop a Secured-Transactions Framework

IFC, a member of the World Bank Group, is helping Myanmar’s government to develop a secured-transactions framework that will allow businesses, especially micro, small, and medium enterprises (MSMEs), to access finance by offering movable assets as collateral, IFC said in a statement on 5 November. This will unlock significant financing for MSMEs, for whom lack […]

IFC Clarifies Bagan Loan to in-Limbo Hotel, While Govt Says Status Remains Up in The Air

The International Finance Corporation’s funding of a local hotel developer whose Bagan tourism project remains in limbo is dependent on government approval, the IFC clarified yesterday. On October 22 the IFC announced a loan of US13.5 million to United International Group, which owns Amata Hotel Group, to expand on its hotel developments at Bagan and Inle lake. […]

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 […]