Myanmar: IFC mulls $3.85m for Mandalay river port project

Photo: Mandalay Myotha Industrial Development. Semeikhon General Cargo area.

The International Finance Corporation (IFC), the private lending arm of the World Bank Group, has proposed to invest $3.85 million for the phase one of the Semeikhon river port project in Mandalay Region, according to the disclosure on  September 22.

The port and harbor operations project, located at the east bank if Ayeyarwady river, will be funded by IFC InfraVentures, a $150 million Global Infrastructure Project Development Fund, set up to address constraints to private investments in infrastructure projects.

The port project is a co-development with Mandalay Myotha Industrial Development Public Co Ltd (MMID), a Mandalay-based developer of mixed-used industrial zones including logistic development, residential development and road and transportation.

The funding through IFC InfraVentures offers early stage risk capital and experienced project development support while the funding is convertible to equity.

The project saw a joint venture signatory between MMID and IFC last month and is the first inland water port that aims to support Mandalay’s economic growth and facilitate trade in the region.

The announcement stated that the Semeikhon river port project will house one floating berth, and barges and 50 tonne cranes to handle 200,000 tonne general cargo, containers and roll on-roll off cargo.

The 380-acre Semeikhon river port project is located at the east bank of Ayeyarwady River, about 17 Km from the 10,337 acre Myotha Industrial Park (MIP) in Mandalay region, also developed by MMID in partnership with the Mandalay Region Government. MMID is chaired by Aung Win Khaing who also leads Royal Hi-Tech Group.

Myanmar is in need of more private public partnership investments for its infrastructure needs. Developing countries are said to need around $2 trillion a year for infrastructure investments until 2020 to meet current growth rates and future demands.

Other similar projects that IFC InfraVentures co-developed include 100MW Kipeto Wind power project in Kenya and 216 MW Upper Trishuli-1 hydropower in Nepal.

Also Read:

IFC to extend $200m financing for Myanmar Industrial Port modernisation

IFC seeks to invest more in Myanmar agri businesses

IFC to provide $40m finance for Myanmar-based gas turbine project by Sembcorp, MMID

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.