KDDI Summit Global Myanmar Co. Ltd. (MIGA-3511)

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
Apr 7, 2016
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
Sumitomo Corporation
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 Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 406.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Nov 16, 2017

Disclosed by Bank Mar 1, 2016


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Project Description
According to MIGA website, on August 31, 2016, MIGA issued guarantees of $406.2 million covering equity and shareholder loan investments from Sumitomo Corporation of Japan to KDDI Summit Global Myanmar Co. Ltd (KSGM) in Myanmar. The coverage is for a period of up to 10 years against the risk of transfer restriction. The project involves a joint operation between the Myanmar Post and Telecom (MPT) and KSGM to operate, upgrade, reactivate, and expand MPT’s fixed line and wireless telecom network and service offerings in Myanmar. The project is expected to facilitate growth in Myanmar’s telecommunications sector, leading to an increase in the number of connections that are affordable.
Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information
No contact information provided at the time of disclosure. 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/