Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

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.

What is our 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 do we fund this investment?

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 customer/investment
Infrastructure, Manufacturing and Services
Effective date
Total FMO financing
USD 24.17 MLN
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)