Ooredoo Myanmar secures US $300 million in funding.
Ooredoo Group's fully owned subsidiary Ooredoo Myanmar has secured US $300 million from the Asian Development Bank (ADB) and the International Finance Corporation (IFC) to fund expansion of its network in Myanmar.
According to a statement, more than 80% of the country's 51 million population is now covered by Ooredoo's 3G network.
The funding will help it further expand its network and, it claims, reinforces its commitment to the country. Ooredoo has been operating in Myanmar since its license was granted in 2014.
As part of the financing deal, Ooredoo has adopted an 'Environmental and Social Action Plan' in line with IFC and ADB guidelines.
"Over the last two years, Ooredoo has made significant progress on its strategy to provide the people of Myanmar with a world-class telecommunications network," said Sheikh Saud Bin Nasser Al Thani, CEO, Ooredoo Group. "Our investments in Myanmar continue to support the good revenue and customer growth trends we have recorded in the country.
"Our wide range of telecom services support the socio-economic development of the country through enhanced communication between businesses, organizations and individuals. We are proud that world renowned lenders like Asia Development Bank and International Finance Corporation participated in the funding deal with Ooredoo Myanmar to further expand our network and distribution in the country. The financing deal demonstrates our commitment in Myanmar and strong potential of Ooredoo Myanmar to accelerate the delivery of its network and services to the people of Myanmar."
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