Second HyalRoute Fiber Optic Cable Network Project (MIGA-SECONDHYALROUTEFIB)

Countries
  • Myanmar
Geographic location 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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
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 12, 2018
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.
Borrower
Industrial and Commercial Bank of China
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 114.76 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)
$ 114.76 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 @ MIGA website

Updated in EWS Sep 16, 2019

Disclosed by Bank May 2, 2018

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

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.

According to the bank document, MIGA is considering providing a guarantee to an international lender (to be determined) 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), 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) (hereafter referred to as the Project). 

The Project constitutes stage 2 of phase II of a program comprising a total of 32,000 km of fiber optic network to be deployed between 2012 - 2023 (the Program).

MFOCN has also received approval to construct 1000 towers as part of the Program. Phase I entailed the construction of 17,401 km of FOC of the Program which was completed in 2016.

Phase II of the Program covers the construction of the remaining 14,599 km. As of March 2018, the Company had completed a total of 23,218 km of FOC. MIGA is also currently guaranteeing stage 1 of phase II which comprised the construction of 4,500 km of FOC of the Program, completed in October 2017.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hyalroute Communication Group Ltd. Parent Company -
- - - - Myanmar Fiber Optic Communication Network Co., Ltd Client -

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 Contact

Contact: Mr. Lin Chao Hsiang (Roye)

Position: PR Department  

Email: lin.chaohsiang@mfocn.com.mm

Contact: Ms. Li Xuan (Sarah)

Position: Legal Department

Email: li.xuan@mfocn.com.mm

Contact: Mr. Stanley Jiang

Position: Project Coordinator

Email: stanley.jiang@hyalroute.com

Compliance Advisor/Ombudsman - International Finance Corporation
2121 Pennsylvania Avenue NW
Room F11K-232 Washington, DC 20433 USA
Tel: 1 202 458 1973
Fax: 1 202 522 7400
E-mail: cao-compliance@ifc.org

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/

How it works

How it works