US Agency Invests in Myanmar Tower Operator
Published on: 20th Jun 2016
Note -- this news article is more than a year old.
The USA government's development finance agency is making its first investment in Myanmar, with a loan to a telecoms company, Reuters has reported.
The Overseas Private Investment Corporation will lend USD250 million to Apollo Towers Myanmar, a company that builds and maintains telecoms towers.
"OPIC is pleased to be working with Apollo on this first, important investment in Burma," Ms Elizabeth Littlefield, OPIC president and chief executive, said in a statement.
"Telecommunications are a critical part of ongoing development across the world, and through this project, OPIC is looking to have a significant impact on those who previously lacked access to telecommunications coverage in the country," she said.
Apollo has erected about 1,800 telecoms towers, OPIC said, and has plans to install another 2,000 as operators look to expand into the countryside.
About 70 percent of Myanmar's 51 million people live in rural areas, but infrastructure in much of the country is lacking.