MEEYATHA DEVELOPMENT LIMITED
Status: Approved investmentWhy disclosure?
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Disclaimer
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
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.
- Region
- Asia
- Country
- Myanmar
- Sector
- Infrastructure, Manufacturing and Services
- Effective date
- 2/6/2018
- Total FMO financing
- USD 17.50 MLN
- Funding
- FMO NV
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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) - B+