News
Telco announces loans from Asian Development Bank, International Finance Corporation.
Ooredoo on Sunday announced it has secured US$300 million (€270 million) worth of funding to enable it to expand its mobile network in Myanmar.
The telco has brokered financing deals with the Asian Development Bank (ADB) and the International Finance Corporation (IFC), the latter being the World Bank’s private sector investment arm. The two institutions will each provide Ooredoo Myanmar with a loan of $150 million.
Ooredoo said the loans will support its strategy for the Myanmar market, enabling it to accelerate the rollout of its infrastructure.
"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," said Ooredoo’s group CEO Saud Bin Nasser Al Thani, in a statement.
"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," he said.
Ooredoo also explained that it has taken on an environmental and social action plan in Myanmar as part of the terms of the financing deal.
Ooredoo launched services in Myanmar in August 2014, becoming the first of two foreign operators – the other being Telenor – to roll out mobile services in the highly underdeveloped market.
By the end of September 2015, just over 13 months after launch, the telco had signed up 4.8 million customers, up from 1 million a year earlier. It is due to publish its full-year 2015 results on 1 March.
