Myanmar’s first non-recourse financing
involving international banks was signed on September 30. It
may open infrastructure financing in the frontier market.
Pan Asia Majestic Eagle (Pamel) received $85 million in
financing from DBS, ING, OCBC Standard Chartered and Sumitomo
Mitsui Banking Corporation to support the construction of 1250
towers for Ooredoo Myanmar, one of the two telecommunications
companies that received a telecommunications license in June
It signifies that lenders may now be open to infrastructure
financing in Myanmar, even though its legal framework for
aspects such as taking security are nascent – and in
some cases, non-existent.
This has proven that a number of international banks and
some of the biggest players in the region are comfortable
taking risk in Myanmar, said Edwin Vanderbruggen, partner at
VDB Loi who represented the...