PAMEL secures USD85m to fund tower rollout in Myanmar

3 Oct 2014

Independent Myanmar telecom infrastructure firm Pan Asia Majestic Eagle Limited (PAMEL) has lined up USD85 million in financing to help fund its deployment of cell towers across the country. According to Telecom Asia, the company has signed a financing facility with five major financial institutions – DBS, ING, OCBC, Standard Chartered and Sumitomo Mitsui – to bankroll the construction of more than 1,250 telecoms towers for Ooredoo Myanmar. PAMEL was established last year to take advantage of the liberalisation of Myanmar’s telecom market.

PAMEL managing director Peter Egbertsen noted that this agreement represents the first ever cross-border, non-recourse financing deal in Myanmar, commenting: ‘This is a truly landmark occasion, with international banks showing their confidence in both PAMEL and Myanmar and the development infrastructure providing this facility.’

Myanmar, Ooredoo Myanmar