Yangon, Myanmar, October 21, 2016
—In his first trip to Myanmar as the International Finance Corporation (IFC)’s Executive Vice President and Chief Executive Officer, Philippe Le Houérou will meet with government officials and representatives of the private sector to deepen IFC’s engagement in addressing the country’s most pressing development challenges. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.
During his four-day visit, Le Houérou will visit Yangon and Nay Pyi Taw. 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 will dominate Mr. Le Houérou’s talks with the National League for Democracy-led government.
In addition to meeting with senior political leaders, Le Houérou will also speak with representatives from the private sector and development partners. In these discussions, he will 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” Le Houérou said. “IFC stands ready to use its six decades of global experience to mobilize 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.”
Since the World Bank Group’s re-engagement with the country in 2012, IFC, together with the World Bank, has supported reforms and investments in Myanmar to strengthen the private sector and create jobs, with the broader goal of reducing poverty and boosting shared prosperity. In the space of four years, IFC has significantly scaled up its investments in Myanmar.
Today, IFC is the largest investor in the country’s private sector, with cumulated investments of $386 million, as of September 2016. In fiscal year 2016 alone, 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 and a key trade gateway in Myanmar. IFC also continued its support to financial institutions such as Yoma Bank and Myanmar Oriental Bank and its work with the government on financial infrastructure improvements to expand access to finance in the country. Going forward, IFC is expecting to double its investment portfolio to $800m by June 2017 supporting projects in electricity, telecoms, agriculture and tourism sectors.
About the International Finance Corporation (IFC)
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit