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China Eximbank provides $135 million buyer’s credit loan for Myanmar Communication Infrastructure Construction Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Myanmar Fiber Optic Communication Network Co., Ltd. (MFOCN) |
| Country | Myanmar |
| Start Date | Jan 01, 2012 |
| End Date | Mar 15, 2032 |
| Duration | 7,379 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 85728 |
Grant Description
China Eximbank provides $135 million buyer’s credit loan for Myanmar Communication Infrastructure Construction Project In 2012, China Eximbank and Myanmar Fiber Optic Communication Network Co., Ltd. (MFOCN or 缅甸光纤通信网络有限公司) — a project company and subsidiary of HyalRoute Communication Group Ltd. (HyalRoute) — signed a $135 million buyer’s credit loan agreement for the Myanmar Communication Infrastructure Construction Project.
MFOCN secured a corporate guarantee from HyalRoute Communication Group Limited for the loan from China Eximbank and purchased buyer’s credit insurance from Sinosure. MFOCN also pledged fiber optic network assets (worth $203 million) as sources of collateral.
In July 2015, an Initial Environmental Examination was conducted for the project and determined only an Environmental Management Plan would be necessary. In addition an Environment, Health and Security Management System was developed by HyalRoute.
The purpose of the Myanmar Communications Infrastructure Construction Project is to install a 62,000 km national fiber optic cable (FOC) network and 1,000 telecom towers over 3 phases. As of March 2018, MFOCN had completed a total of 23,218 km of FOC.
Staff Comments
- This project is also known as the HyalRoute Fiber Optic Cable Network Project.
- It is unclear which phase of the Myanmar Communication Infrastructure Construction Project was supported by this $135 million China Eximbank loan. This issue requires further investigation.
- It is unclear when the China Eximbank loan was issued. For the time being, AidData assumes a loan commitment year of 2012 because Myanmar Fiber Optic Communication Network Co., Ltd (MFOCN) — the special purpose vehicle responsible for the Myanmar Communication Infrastructure Construction Project — was established on May 22, 2012. However, this issue requires further investigation.
- HyalRoute Communication Group Limited is a Singapore-based company that is owned by HyalRoute Group, a Shenzhen-headquartered telecom infrastructure company.
Sources & References
- 光启技术：关于对深圳证券交易所关注函回复的公告
- 光启技术股份有限公司关于对深圳证券交易所关注函回复的公告
- HyalRoute Fiber Optic Cable Network Project (MIGA-HYALROUTEFIBEROPTI)
- HyalRoute Fiber Optic Cable Network Project
- HyalRoute Fiber Optic Cable Network Project Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Myanmar Fiber Optic Communication Network Co., Ltd. (MFOCN)
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