Project detail - IRRAWADDY TOWERS ASSET HOLDING PTE. LTD

IRRAWADDY TOWERS ASSET HOLDING PTE. LTD

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Who is our client

FMO has arranged a financial package of USD 122 million from European Development Finance Institutions for Irrawaddy Tower Asset Holding Ltd. / Irrawaddy Green Towers Ltd. (ITAH/IGT) to build mobile communications infrastructure across Myanmar. ITAH is the holding company in Singapore of the operating company IGT in Myanmar. ITAH/IGT is owned by Alcazar Capital Ltd. in Dubai and M1 Group from Lebanon. Alcazar Capital Ltd. is a private equity house and advisory firm with a focus among others on telecom infrastructure. M1 Group is an investment holding with international interests in telecommunications, real estate, aviation, fashion, retail, energy and financial asset management.

Funding objective

The funding objective is to finance the construction, erection and operation of 2,000 - 3,000 telecom towers which are mainly located in the rural areas. The towers are contracted by the major telecom providers in Myanmar, Telenor, Ooreedoo and MPT. To that regard ITAH/IGT has signed long term lease agreements. ITAH/IGT will also provide for power management services.

Why we fund this project

Only a limited number of the approximately 51 million inhabitants of Myanmar have currently access to mobile telecommunication services. The country's objective is to substantially increase this share. In Myanmar. ITAH/IGT will build a mobile telecommunication tower network , mainly in rural areas, thus providing coverage to approximately 15 - 20 million people. The telecom infrastructure will unlock rural areas and by doing so will provide a significant stimulus for economic development by improving access to mobile financial services and other service offers. Since its foundation, ITAH/IGT has created 300 direct jobs. Another 1,000 indirect jobs will be created in relation to the erection and operation of the towers. The company offers a comprehensive range of training and qualification programs for its staff and, in doing so, provides an important contribution to the transfer of technical and economic know-how.

More investments

Date Total FMO financing
12/15/2015 USD 13.00 MLN
Website client
http://www.igt.com.mm
Region
Asia
Country
Myanmar
Sector
Infrastructure, Manufacturing and Services
Signing date
12/15/2015
Total FMO financing
USD 24.17 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
A