IFC to play deeper role in addressing Myanmar’s development challenges

Le rou’s visit aims at deepening IFC’s engagement in addressing the country’s most pressing development challenges. During his four-day visit, Le Hourou will visit Yangon and Nay Pyi Taw to meet with government officials and representatives of the private sector. 
IFC head's discussion with the authorities would prioritise in improving access to reliable and affordable infrastructure, particularly power and transport, promoting agriculture, tourism, financial inclusion, and accelerating growth of credit to the private sector. 
During his visit, Le rou will also discuss with representatives from the private sector and development partners in order to explore opportunities to create new markets through private sector development and drive job creation in Myanmar.
“The world is watching the breathtaking transformation taking place in Myanmar which is in large part the result of its significant economic and political reforms. I look forward to discussions about how IFC can help ensure future growth,” he said in a statement today. 
“IFC stands ready to use its six decades of global experience to mobilise private-sector investments and technical know-how into a number of important sectors. In hydropower, for example, Myanmar has more than 100GW of potential which is a huge opportunity for the country. The challenge will be to harness this potential efficiently, and in a way that minimizes environmental and social impacts.” 
Vikram Kumar, IFC country manager for Myanmar, said in an earlier interview that IFC has significantly scaled up its investments in Myanmar over the past four years, since World Bank Group’s re-engagement with the country in 2012. 
During the interview, Kumar was proud to say that IFC is the largest investor in Myanmar’s private sector with cumulated investments of about US$390 million (Bt13 billion). He said that almost half of the investment, approximately $190 million, went to infrastructure projects. 
According to Kumar, IFC has been investing in approximately 15 projects in different sectors such as infrastructure, telecom, transportation, financial market which strengthens banks and microfinance institutions, agriculture and tourism. In all these areas, he sees a lot of potential for job creation. 
“We have a target to invest about $1 billion by the end of next year. By December this year, we are looking at a total commitment from IFC of approximately $600-700 million,” he said. 
IFC expects to double its investment portfolio to $800m by June 2017. In fiscal year 2016, IFC made its biggest investment in Myanmar with a $150 million loan to Ooredoo Myanmar for the rollout of a mobile telecommunication network across the country and provided a $40 million convertible loan to support the expansion of Myanmar Industrial Port, one of two major container ports in Myanmar. It also supported the government as well as Yoma Bank and Myanmar Oriental Bank on financial infrastructure improvements to expand access to finance in the nation.