HyalRoute Fiber Optic Cable Network Project (MIGA-13413)

Countries
  • Myanmar
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 10, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Bank of China (Hong Kong) Limited
The holder of the loan, grant, or other investment.
Sectors
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 105.74 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 118.60 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jul 27, 2017

Disclosed by Bank Sep 26, 2016


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Project Description
On January 24, 2017, MIGA issued a guarantee of $105.74 million covering an investment by Bank of China (Hong Kong) Limited (the “Lender”) into the HyalRoute Fiber Optic Cable Network Project in Myanmar. T The project involves the construction of a 4,500 km fiber optic cable network in Myanmar by Myanmar Fiber Optic Communication Network Co., Ltd. It constitutes the first part of the phase II project. The total investment for the project is estimated at US$119 million, including US$19 million in equity from HyalRoute Communication Group Limited and US$100 million in debt financing from the Lender. Construction for the project is expected to start in October 2016.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
ACCOUNTABILITY MECHANISM OF MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/