Independent Myanmar telecom infrastructure firm Pan Asia Majestic Eagle Limited (PAMEL) has lined up $85 million in financing to help fund the rollout of telecom towers in market.
The company has signed a financing facility with five major banks - DBS, ING, OCBC, Standard Chartered and Sumitomo Mitsui – to pay for the construction.
PAMEL Managing Director Peter Egbertsen said this is the first ever cross-border, non-recourse financing deal in Myanmar.
“This is a truly landmark occasion with international banks showing their confidence in both PAMEL and Myanmar and the development infrastructure providing this facility,” he said.
“These five banks have been incredibly supportive to our company throughout our financing discussions and we are honored to be the first Myanmar company to obtain financing of this type from such strong banking institutions in the region.”
He said access to foreign financing will help sure Myanmar's telecom infrastructure rollout efforts remain on track.
PAMEL was established last year to take advantage of the liberalization of Myanmar's telecom market. It is currently focused on constructing over 1,250 telecom towers for Oooredoo Myanmar's 3G rollout.