MIGA provides guarantees covering non-shareholder loans to Industrial and Commercial Bank of China (Asia) Limited for the Second HyalRoute Fiber Optic Cable Network Project in Myanmar. The guarantee is up to five years against the risks of transfer restriction, expropriation, and war and civil disturbance.
This project will construct an additional 4,000 km fiber optic cable network in Myanmar by Myanmar Fiber Optic Communication Network Co., Ltd. MIGA has supported the first project, which constructed 4,500 km of fiber optic cable.
-US$19 million in equity from Hyalroute Communication Group Ltd.
-US$100 million in debt financing from the international lender to be determined.
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/