Irrawaddy Green Tower Project

South Asia Communications and IT Services

Yangon-based Irrawaddy Green Towers (IGT) is the largest independent telecomms tower company in Myanmar. IGT builds towers and infrastructure for all the country’s major operators, including Telenor, Ooredoo and MPT.

Our investment

In 2015, CDC made its first investment in IGT, alongside several European DFIs: the Netherlands’ FMO, Germany’s DEG, France’s Proparco, Belgium’s BIO and Austria’s OeEB.

Following a second investment round in 2016, CDC now has a total investment of $50 million in IGT, making us the largest lender.

Expected impact

Emerging from decades of isolation, Myanmar’s communications sector has radically evolved in recent years. It is now the world’s third fastest growing mobile phone market behind India and China.

Our investment will support the work of companies such as IGT, which has helped to increase mobile phone coverage in Myanmar from 10 per cent to 85 per cent in the past five years.

IGT has become the backbone of Myanmar’s telecommunications network, with 2,900 towers built and plans to build 5,000 towers in total. With this infrastructure, around 14 million people, mainly in under-served rural areas, now have mobile phone coverage and better access to communications.

Our investment will also help attract other investors to the country.

Environmental and social aspects

IGT is committed to operate in line with international environmental and social standards and to build its contractors' capacity and awareness of occupational health and safety (OHS).

This has led to significant improvements in OHS.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries:
Myanmar
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Communications and IT Services
Website:
http://igt.com.mm/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Direct Debt
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
December 2015
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$50m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Singapore