Ooredoo Group’s fully owned subsidiary Ooredoo Myanmar has made funding arrangements with the Asian Development Bank (ADB) and the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group to expand a nationwide modern mobile telecom network in Myanmar. Ooredoo Group and Ooredoo Myanmar teams have successfully secured the funding. ADB and IFC will each provide USD 150 million loan to Ooredoo Myanmar.
Ooredoo Myanmar provides leading telecommunication services to its millions of customers in the country. Its leadership in 3G technology ensures that people of Myanmar benefit from best data services and crystal clear voice services. Since Ooredoo’s entrance into the market, more than 80% of the population is covered by its 3G network with majority of the Ooredoo customers accessing this network via smart devices. Ooredoo Myanmar continues to invest in its infrastructure to benefit from the opportunity offered by low mobile phone and data usage penetration rates among the 51 million population of Myanmar.
The financing will support Ooredoo’s strategy for Myanmar, enabling it to accelerate the reach of its modern telecommunications network for the people of Myanmar, boosting economic growth and job creation across the country. The deal also demonstrates Ooredoo’s long-term commitment to Ooredoo Myanmar, where it has been operating since its license was granted in 2014 and underlines Ooredoo’s investment in Myanmar.
In addition to its ongoing corporate social responsibility initiatives especially related to economic, educational, social and cultural development activities, Ooredoo Myanmar has also adopted a world-class Environmental and Social Action Plan in line with the IFC’s and ADB’s performance standards and guidelines, as part of the financing deal. Sheikh Saud Bin Nasser Al Thani, Ooredoo Group CEO commented, “Over the last two years, Ooredoo has made significant progress on its strategy to provide the people of Myanmar with a world-class telecommunications network. Our investments in Myanmar continue to support the good revenue and customer growth trends we have recorded in the country.
Our wide range of telecom services support the socio-economic development of the country through enhanced communication between businesses, organizations and individuals. We are proud that world renowned lenders like Asia Development Bank and International Finance Corporation participated in the funding deal with Ooredoo Myanmar to further expand our network and distribution in the country. The financing deal demonstrates our commitment in Myanmar and strong potential of Ooredoo Myanmar to accelerate the delivery of its network and services to the people of Myanmar.”
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