Qatar-based Ooredoo Group’s fully owned subsidiary Ooredoo Myanmar has made funding arrangements with the Asian Development Bank (ADB) and the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, to expand a nationwide modern mobile telecom network in Myanmar.

ADB and IFC will each provide $150 million loan to Ooredoo Myanmar.

Ooredoo Myanmar provides telecommunication services to its millions of customers in the country. Its leadership in 3G technology ensures that people of Myanmar benefit from the best data services and crystal clear voice services, said a statement.

Since Ooredoo’s entry into the market, more than 80 per cent of the population is covered by its 3G network with majority of the Ooredoo customers accessing this network via smart devices. Ooredoo Myanmar continues to invest in its infrastructure to benefit from the opportunity offered by low mobile phone and data usage penetration rates among the 51 million population of Myanmar, it said.

The financing will support Ooredoo’s strategy for Myanmar, enabling it to accelerate the reach of its modern telecommunications network. The deal also demonstrates Ooredoo’s long-term commitment to Ooredoo Myanmar, where it has been operating since its license was granted in 2014 and underlines Ooredoo’s investment in Myanmar, it said. - TradeArabia News Service