MEEYATHA DEVELOPMENT LIMITEDStatus: Approved investment
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Who is our customer
Meeyatha Development Ltd. will develop the Yoma Central Project, located in Yangon. The project will consist of a mix-use complex comprised by two office towers, a retail podium, a residential tower, a Westin-managed hotel and serviced apartment building. Also located on the same site, is the 136-year old former headquarters of the British Burma Railway Company, which will be restored to preserve its cultural heritage value and house a Peninsula hotel (not part of the Project).
What is our funding objective?
The funding objective is to finance the construction of the mix-use complex (“Yoma Central”) located in the nascent central business district of Yangon.
Why do we fund this investment?
The Project will add much needed supply of international standard office, retail and hospitality infrastructure to Yangon. The Project will create numerous new jobs during construction phase as well as after commissioning (hotel) and upgrade construction skills. In addition, there will be backward linkages to the local economy. Finally, the project was classified as green by FMO, where green technologies will be applied resulting in more than 20% energy savings.
What is the Environmental and Social categorization rationale?
E&S categorization is B+. IFC Performance Standards 1-5 and 8 are triggered. PS 1 – Assessment and Management of Environmental and Social Risks and Impacts PS 2 - Labor and working conditions PS 3 - Resource Efficiency and Pollution Prevention PS 4 – Community Health, Safety and Security PS 5 – Land Acquisition and Involuntary Resettlement PS 8 – Cultural Heritage IFC PS 6 and 7 are not expected to be triggered given the nature of the project and its location in the heart of Yangon. The project will generate more than 20% in energy savings, being classified as green under FMO and IFC specific criteria. The project will also contribute to the social and economic development of the central business district of Yangon.
- Infrastructure, Manufacturing and Services
- Effective date
- Total FMO financing
- USD 17.50 MLN
- FMO NV
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)