Mayer Brown JSM advises Asia Development Bank and International Finance Corporation on US$300 million loan financing in Myanmar
23 February 2016
Mayer Brown JSM acted as the international legal adviser to the Asian Development Bank (ADB) and International Finance Corporation (IFC) on loans extended to Ooredoo Myanmar Limited, a telecommunications provider in Myanmar.
The US$300 million loan (US$150 million each from ADB and IFC) will be used to finance Ooredoo’s telecommunications infrastructure rollout that will provide a full range of fixed, mobile and data services across Myanmar.
In 2013, only seven out of every 100 people had access to a mobile phone in Myanmar. Providing affordable, widely available telecom services to support economic growth and cut poverty has been a priority goal of the Myanmar government.
“This financing will go a long way in helping in the development of not only Myanmar’s telecommunications sector, but also the country’s economy, and we’re proud to be able to contribute towards achieving that,” says Benjamin Thompson, Banking & Finance partner at Mayer Brown JSM’s office in Singapore and the lead partner on this project.
Mayer Brown JSM senior associate Rohan Bilimoria was the lead associate on the transaction.