MYA: Yangon Urban Renewal and District Cooling Project (ADB-47913-001)

Countries
  • Myanmar
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
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 26, 2014
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.
Investment Type(s)
Equity, Loan
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.
Loan Amount (USD)
$ 85.00 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 @ ADB website

Updated in EWS May 7, 2019

Disclosed by Bank Nov 24, 2014


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

DESCRIPTION

The Project is a landmark urban renewal, district cooling and heritage restoration project in central Yangon, comprising a district cooling plant and network (DC Plant), nearly 2 million square foot of hotel, retail, office and residential space across four 26- story towers and the preservation of a historical Victorian building, the former headquarters of the British Burma Railway Company. This grand heritage building, called The Old Lady , was built in 1877. The Project will be an anchor development, forming a central part of the business infrastructure of Yangon. ADB s loan will be dedicated to fund the DC Plant, which will be the first energy efficient district cooling system in Myanmar. The DC Plant will have a capacity of [8] MW and will provide sustainable, efficient, reliable, and essential cooling to the district. The DC Plant will generate cool water and distribute it through a network of piping systems to individual buildings of the Project. Construction of the DC Plant will be in tandem with the Project which is expected to commence in 1Q 2014 with schedule completion in 2 phases over 4 years.

Investment Description
  • Asian Development Bank (ADB)

Ordinary capital resources US$ 85.00 million

Ordinary capital resources

 US$ 20.00 million

 

 

Private Actors
Contact Information

Project Sponsor(s)

FIRST MYANMAR INVESTMENT
MITSUBISHI CORPORATION
Mitsubishi Estate
Yoma Strategic Holdings

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main