Ooredoo Myanmar in $300 Million Funding Deal with Asian Bank and IFC

Doha, February 08 (QNA) - Qatar-based Ooredoo Groups fully owned subsidiary Ooredoo Myanmar has announced a US $300 Million funding deal 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. ADB and IFC will each provide US $150 million loan to Ooredoo Myanmar, the Qatarian telecom operator said. The funding will support Ooredoo's strategic plans for Myanmar by enabling it to accelerate the reach of its modern telecommunications network. The deal also reiterates Ooredoos long-term commitment to Ooredoo Myanmar, where it has been operating since its license was granted in 2014 and underlines Ooredoos investment in Myanmar, it said Since Ooredoos entry into the market, more than 80 per cent 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, it said. (QNA)