<article><a style="color: #000080;" href="http://www.ooredoo.com.mm">Ooredoo Myanmar</a> will be using the $300 million loan extended by the <a style="color: #000080;" href="http://www.adb.org">Asian Development Bank</a> (ADB) and <a style="color: #000080;" href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home">International Finance Corporation</a> (IFC) for network expansions in Myanmar.</article>

<a style="color: #000080;" href="http://www.ooredoo.com.mm">Ooredoo Myanmar</a> will be using the $300 million loan extended by the <a style="color: #000080;" href="http://www.adb.org">Asian Development Bank</a> (ADB) and <a style="color: #000080;" href="http://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home">International Finance Corporation</a> (IFC) for network expansions in Myanmar.
“Myanmar is a fast moving market and we are delighted to have the support of the ADB and IFC as we further expand our service to include more areas across the country,” said Rene Meza, CEO of Ooredoo Myanmar.
IFC, which is the private sector investment arm of the World Bank Group and ADB will each provide $150 million as a loan.
According to ADB, this is the largest private sector investment done in Myanmar by the organisation.
Christopher Thieme, director of ADB’s Private Sector Operations Department said that with the country having the lowest rate of telecom connectivity in Southeast Asia, the assistance will help the government meet its target of connecting over 90 per cent of the population.
IFC stated that their funding will finance the roll-out of the company’s 3G mobile network in Myanmar, license payment and operating expenses.
The process of getting loan approval was started in June 2015 and the loan was finally secured by February 2016, the company added.
IFC will be assessing the management of environmental and social risks, labor and working conditions and health and safety issues during the project roll-out.
As of February 2015, Ooredoo has about 1400 telecom towers in Myanmar
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ooredoo-starhub-join-hands-to-provide-data-service-in-myanmar-5838/">Ooredoo, StarHub join hands to provide data service in Myanmar</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/singapore-windsor-bags-39-m-ooredoo-tower-contractsingapore-windsor-bags-39-m-ooredoo-tower-contract-for-myanmar-6503/">Singapore Windsor bags $39-m Ooredoo tower contract for Myanmar</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ooredoo-to-get-new-ceo-for-myanmar-unit-7171/">Ooredoo to get new CEO for Myanmar unit</a>

Ooredoo Myanmar will be using the $300 million loan extended by the ADB and the IFC for network expansions in Myanmar.

Ooredoo gets $300m loan, eyes network expansion in Myanmar

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Ooredoo gets $300m loan, eyes network expansion in Myanmar

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief