Second HyalRoute Fiber Optic Cable Network Project (MIGA-4643)

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
Proposed
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
Jun 12, 2018
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
International Lender to be Determined
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)
$ 105.00 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)
$ 105.00 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 @ MIGA website

Updated in EWS Jun 13, 2018

Disclosed by Bank May 2, 2018


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Project Description

MIGA will provide guarantee of $105.0 million to the developer HyalRoute Communication Group Ltd to cover its non-shareholder loan and interest for a period of up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.

This second fiber optic cable (FOC) project involves the construction of an additional 4,000 km fiber optic cable network in Myanmar by Myanmar Fiber Optic Communication Network Co., Ltd. In January 2017, MIGA-supported the first project, which constructed 4,500 km of FOC, completed in October 2017. The total investment for the project is estimated at $119 million, including $19 million in equity from Hyalroute Communication Group Ltd. and $100 million in debt financing from the international lender to be determined. The project is expected to start construction in June 2018.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

*There is no contact information available for the project*

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/