Home Insider Irrawaddy Green Tower Celebrated Two Key Achievements

Irrawaddy Green Tower Celebrated Two Key Achievements

I rrawaddy Green Tower (IGT) has hosted a closing dinner to celebrate the achievement of two key milestones; One being the completion of 2,000 telecom sites in Myanmar, and the other, becoming the first tower company in Myanmar to secure long term debt financing from a group of six leading European Development Financial Institutions led by FMO (the Dutch Development Bank).

The dinner was attended by senior executives from Telenor, Ooredoo, & MPT-KSGM, key representatives from Ministry of Communication and Information Technology, Myanmar Investment Commission (MIC), DICA, IFC, ADB, Alcazar Capital, DFID – British Embassy and Netherlands Embassy and other invitees. Also present are key personnel from six major development banks from Europe and FMO team along with IGT’s board of directors and IGT’s senior management team. Ayad Chammas, CEO of IGT, delivered the note of thanks and shared the key achievements and journey so far in Myanmar.

IGT have created another landmark and arranged a financial package of USD 122 million through the Dutch development bank FMO. The syndicated loan is funded from European Development Finance Institutions for IGT to build mobile communications infrastructure across Myanmar.

The financial package consist of a subordinated loan of USD 13 million with a tenor of 9 years and a long term senior loan of USD 109 million with a tenor of 8 years. FMO subscribes to the subordinated loan out of the Infrastructure Development Fund (IDF) which FMO manages on behalf of the Ministry for Foreign Trade and Development Cooperation. The senior loan is syndicated among European Development Finance Institutions with following participations: Deutsche Investitions-und Entwicklungsgesellschaft MBH DEG (Germany), Proparco (France), CDC Group (Great Britain), BIO (Belgium) and OeEB (Austria).

In Myanmar, IGT has built building a mobile telecommunication tower network of at least 2,000 towers, providing coverage to approximately 14 million people. Mainly in rural areas, this communication infrastructure can provide a significant stimulus for economic development.