RANGOON — The International Finance Corporation (IFC) on Tuesday pledged US$10 million to local agri-business Myanma Awba, according to the IFC website.
The additional funds are intended to jump start Myanma Awba’s $25 million project aimed at setting up a new agro-chemicals formulation plant, as well as enhancing packaging and warehouse capacity, seed production, working capital and microfinance operations.
Most of the added warehouse capacity will be located in Rangoon’s industrial zones, while new fertilizer distribution stations, other warehouses and microfinance branches will be located at various locations across the country.
The IFC has been providing loans to different sectors in Burma since 2012. Recently, this has included small and medium enterprises and the banking, retail, hotel and tourism and agriculture sectors.
Among these loans were an $80 million package to Shangri-La to expand its hotel and real-estate operations in Rangoon, a $25 million loan to local leading retail outlet City Mart Holding Co. Ltd. to boost expansion of retail markets and a $5 million convertible loan to Yoma Bank. Earlier this month, IFC also contributed $150 million to Qatari telecoms operator Ooredoo to help rollout a “greenfield” mobile network using 3G technology.
Myanma Awba was established in 1995 by managing director Thadoe Hein, who, together with his family, owns the company today.