Ooredoo Myanmar secures USD 300 million combined funding from the Asian Development Bank and International Finance Corporation for network rollout | Ooredoo corporate

Ooredoo Myanmar secures USD 300 million combined funding from the Asian Development Bank and International Finance Corporation for network rollout

07 February 2016 Myanmar

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 worldclass 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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About Ooredoo

Ooredoo is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company was named “Most Innovative Company of the Year – MEA Region” at the 2015 International Business Awards.

The company reported revenues of US$ 9.1 billion in 2014 and had a consolidated global customer base of 114.9 million customers as of 30 September 2015. Ooredoo’s shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.

About ADB

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

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