MYA: Yangon Urban Renewal and District Cooling Project (ADB-47913-002)

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
  • Asian Development Bank (ADB)
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
Jul 20, 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
Meeyahta Development Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Infrastructure
  • Water and Sanitation
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)
$ 35.00 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)
$ 35.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Corporate Actor Documents
Primary Source

Original disclosure @ ADB website

Updated in EWS Mar 27, 2019

Disclosed by Bank Jul 26, 2016


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Project Description

According to the bank document, the project comprises the revitalization of an emerging central business district in Yangon, including hotel, retail, office, and residential space; and a district cooling plant and network to serve the locality. The current project will help reduce the acute shortage of business, tourism, and residential infrastructure in Yangon, and enable commercial activity and the import of capital, skills, and technology that the country requires to transition to a modern economy.

Investment Description
  • Asian Development Bank (ADB)
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