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Yangon, Myanmar, May 7, 2014
—IFC, a member of the World Bank Group, will advise Myanmar Oriental Bank Limited on expanding trade and financial services to small and medium enterprises in need of financing across Myanmar to support job creation and private sector growth.
Under the framework agreement, IFC will help Myanmar Oriental Bank strengthen its corporate governance and improve its trade finance operations. Myanmar has one of the world’s most underdeveloped financial services industries: Domestic credit provided by the financial sector was at 10.3 percent of the country’s gross domestic product as of 2013 – the lowest level in Southeast Asia. More than half of the population has no access to financial services, and only 20 percent have access to regulated financial services.
“IFC’s advice is highly appreciated as we plan for sustainable expansion and growth,” said U Mya Than, Chairman of Myanmar Oriental Bank. “We believe that IFC, with its global expertise and experience, will help Myanmar Oriental Bank build on a sound foundation and become a market leader in sustainable banking among local banks.“
Earlier this year, IFC has provided a $5 million trade finance facility to Myanmar Oriental Bank, enabling the lender to help local companies process their imports and exports, generate more foreign exchange reserves, and create jobs.
“IFC will provide Myanmar Oriental Bank with practical recommendations to improve its corporate governance framework and help strengthen its products and services
,
” said Vikram Kumar, IFC’s Resident Representative in Myanmar. “IFC will also support Myanmar Oriental Bank’s expansion of its trade finance offering to more local exporters and importers.”
IFC, together with the World Bank, is supporting reforms and investments in Myanmar to strengthen the private sector and create jobs to reduce poverty and boost shared prosperity. IFC works to improve the country’s investment climate, access to finance, and infrastructure, with an initial focus on the power and telecommunications sectors.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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About Myanmar Oriental Bank Limited
Myanmar Oriental Bank Limited (MOB) is one of the leading banks in Myanmar, founded in 1993. Over the past 21 years, the bank has been delivering efficient and reliable banking services, helping promote financial intermediation in Myanmar and has grown with a network of 26 branches across Myanmar. MOB is the first private bank to attain an international banking license in Myanmar. It is also the first bank to accept visa credit cards in Myanmar and to partner with Western Union Money Transfer Service. For more information, visit www.
mobbankmm.com
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