• Myanmar
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
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
Dec 15, 2015
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.
Irrawaddy Tower Asset Holding Ltd. / Irrawaddy Green Towers Ltd. (ITAH/IGT)
The holder of the loan, grant, or other investment.
  • Communications
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 13.00 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)
$ 13.00 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 @ FMO website

Updated in EWS Sep 16, 2019

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Project Description

FMO has arranged an additional financial package of USD 69.7million from European Development Finance Institutions for Irrawaddy Tower Asset Holding Ltd. / Irrawaddy Green Towers Ltd. (ITAH/IGT) to build additional mobile communications infrastructure across Myanmar. In 2015 FMO arranged a package of USD 122 million. ITAH is the holding company in Singapore of the operating company IGT in Myanmar. ITAH/IGT is owned by Alcazar Capital Ltd. in Dubai and M1 Group from Lebanon. Alcazar Capital Ltd. is a private equity house and advisory firm with a focus among others on telecom infrastructure. M1 Group is an investment holding with international interests in telecommunications, real estate, aviation, fashion, retail, energy and financial asset management.

The funding objective is to finance the construction, erection and operation of 3,000 - 4,000 telecom towers which are mainly located in rural areas. The towers are contracted by the major telecom providers in Myanmar, Telenor, Ooreedoo and MPT. To that regard ITAH/IGT has signed long term lease agreements. ITAH/IGT will also provide for power management services.

Currently only a limited number of the approximately 51 million inhabitants of Myanmar have access to mobile telecommunication services. The country's objective is to substantially increase this share. In Myanmar ITAH/IGT will build a mobile telecommunication tower network thus providing coverage to approximately 15 - 20 million people. The telecom infrastructure will unlock rural areas and by doing so will provide a significant stimulus for economic development by improving access to telecommunications. Since its foundation, ITAH/IGT has created 300 direct jobs. Another 1,000 indirect jobs will be created in relation to the erection and operation of the towers. The company offers a comprehensive range of training and qualification programs for its staff and, in doing so, provides an important contribution to the transfer of technical and economic know-how.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information


Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: