IGT secures USD122m loan for Myanmar tower rollout

Passive infrastructure firm Irrawaddy Green Towers (IGT) has secured a USD122 million syndicated loan from a group of European development finance institutions, the Myanmar Times reports. The funding forms part of the tower company’s USD230 million investment plan, which will feature the deployment of a network of more than 2,000 towers covering 14 million people. The Netherlands’ FMO arranged the loan, consisting of a USD13 million nine-year subordinated loan and a senior USD109 million eight-year loan. FMO provided the subordinated loan via its Infrastructure Development Fund, whilst the senior loan was provided by Deutsche Investitions und Entwicklungsgesellschaft (DEG), France’s Proparco, CDC Group (UK), the Belgian Investment Company for Developing Countries (BIO) and Austria’s Oesterreichische Entwicklungsbank (OeEB).