Second HyalRoute Fiber Optic Cable Network Project (MIGA-48f95d8a04)

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
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
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
Industrial and Commercial Bank of China
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)
$ 114.76 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Apr 13, 2019

Disclosed by Bank May 2, 2018


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Project Description

According to MIGA website, MIGA is considering providing a guarantee to an international lender for an  investment of up to US$110M of non-shareholder loans (including interest) to Myanmar Fiber Optic Communication Network Co., Ltd. (MFOCN or the Company), a subsidiary of HyalRoute Communication Group Ltd. (HyalRoute). The project is for the construction and maintenance of 4,000 km of underground fiber optic cable (FOC) backbone network (including 3,300 km of direct-buried backbone and 700 km of urban communication ducts). 

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

Mr Lin Chao Hsiang (Roye), PR Department
Email Address: lin.chaohsiang@mfocn.com.mm   

Ms. Li Xuan (Sarah), Legal Department
Email Address: li.xuan@mfocn.com.mm

Mr Stanley Jiang, Project Coordinator
Email Address: stanley.jiang@hyalroute.com

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/