Ooredoo secures $300 million funding for expansion in Myanmar
09 February 2016 |
Ooredoo has secured $300 million worth of funding to expand its network in Myanmar.
The group’s fully-owned subsidiary in Myanmar acquired a $150 million loan each through the Asia Development Bank (ADB) and the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group.
“Myanmar is a fast moving market and we are delighted to have the support of the ADB and IFC as we further expand our service to include more areas across the country,” said Rene Meza, CEO of Ooredoo Myanmar.
This is said to be the largest private sector investment done in Myanmar by the ADB.
Ooredoo has been operating in Myanmar since 2014 and as of June 2015, reported 4.3 million subscribers, an increase of 1 million users over the previous quarter. Its rival Telenor Myanmar posted 9.5 million subscribers during the same period, up from 6.4 million the quarter before.
Sheikh Saud Bin Nasser Al Thani, Ooredoo’s group CEO, said: “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.”