Myanmar Port (IFC-37126)

Countries
  • Myanmar
Where the impacts of the investment may be experienced.
Specific Location
Yangon
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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
Mar 18, 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
MYANMAR INDUSTRIAL PORT
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 80.00 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)
$ 200.00 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 @ IFC website

Updated in EWS Jul 13, 2017

Disclosed by Bank Jan 28, 2016


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Project Description
Myanma Annwa Swan A Shin Group (S) Co. Ltd. (“MAS” or the Company) operates Myanmar Industrial Port (“MIP”), a leading container terminal in Yangon, Myanmar. The Company has been operating for twelve years, handled 278,000 twenty-foot equivalent units (“TEUs”) in the fiscal year ended March 2015 and commands a 40+% market share. IFC is considering a financing package to support the completion of the Company’s Phase 1 capital expenditures and to refinance the Company’s existing, short-term bridge loans (the “Project”).
Investment Description
  • International Finance Corporation (IFC)
The Company is owned by Captain U Ko Ko Htoo (50%), his wife Daw Sandar Aung (40%) and their son U Min Thiha Htoo (10%). Captain Ko Ko Htoo is a Myanmar national with over 15 years of international shipping experience which he has used to develop and operate MIP since its origins in 2003.
Contact Information
Chris O’Connor Myanmar Industrial Port No. 7/2 (B), Strand Road Ahlone Township, Yangon, Myanmar ACCOUNTABILITY MECHANISM OF IFC 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/