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

Countries
  • Myanmar
Geographic location 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
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 26, 2014
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Investment Type(s)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 105.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS May 7, 2019

Disclosed by Bank Nov 24, 2014

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.

Ordinary capital resources US$ 85.00 million

Ordinary capital resources

 US$ 20.00 million

 

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Mee Ya HTA International Hotel Limited Client -
- - - - Yoma Strategic Holdings Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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

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