Meeyatha International Hotel Limited or another company to be established (the “Company”), both Myanmar-incorporated companies, would undertake the Project. At the commencement of the Project, the Company is expected to be wholly owned by the Project Sponsors together with other investors participating in the Project

Yoma and FMI will together be the Project Sponsors, with Yoma being the principal Project Sponsor. Yoma, a leading conglomerate in Myanmar with predominant business interests in real estate, is listed on the Singapore Stock Exchange since 2006. FMI is a Myanmar public company, with a diverse local shareholder base owning approximately 30 percent of its share capital.

Based on the latest design and a quantity surveyor report, the total Project cost is estimated to range from US$515 million to US$540 million. IFC is considering the provision of a financing package of up to US$75 million, consisting of both debt and equity, and mobilizing a parallel financing package of a similar amount.

70.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity	20.0

* These investment figures are indicative

The Project site is located on Bogyoke Aung San Road, Pabedan Township, in central Yangon.

(i) Construction of critical business infrastructure: The Project will add much-needed supply of international standard office, retail and hospitality infrastructure to Yangon. International standard business infrastructure such as these are of critical importance in attracting foreign investments in the country.

(ii) Improvement of service standards: The Project will significantly improve the standards of office, retail and accommodation facilities and services available to travelers and the business community.

(iii) Employment creation and knowledge transfer: The Project will create a significant number of direct and indirect employment opportunities for the local community both during construction and operational phases. It will also promote the transfer of service and management expertise and knowledge to the local staff.

(iv) Benefits to the local economy and local linkages: The Project will help create demand for locally-sourced materials, services, and labor both during the construction and operation stages. The Project is expected to generate additional sales for local small and medium enterprises, including a wide range of goods and service providers.

(v) Increase in tax revenues and foreign exchange: The Project is expected to contribute to the domestic economy through increased tax revenues and foreign exchange inflow, particularly as it is expected that a significant portion of the users (office, retail and apartment lessees and hotel guests) will be foreign nationals and that a significant amount of Project revenues is expected to be paid in foreign currency.

(vi) Private sector development: The presence of this large scale development in Yangon will send a positive signal about investing in Myanmar, particularly to foreign investors.

IFC''s additionality includes: (i) provision of long-term foreign currency financing that is particularly suited for large capital intensive project; (ii) structuring and mobilizing financing from another leading financial institution for the Project; and (iii) sending a positive signal to foreign investors interested in operating in Myanmar, a country that is currently in a transition mode and needs foreign investment to accelerate its development.

This is a Category B project according to IFC’s Policy on Environmental and Social (E&S) Sustainability because a limited number of specific and reversible environmental and social impacts may result, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Key E&S issues included the following: environmental and social management system of Yoma; waste and hazardous material (e.g. asbestos) management and resource efficiency (demolition, construction and operation); life and fire safety (construction and operation); and labor and working conditions including the protection of workers during all phases of the Project.



The 2 land leases of the 10-acre Project site were acquired by affiliates of the Project Sponsors in two separate transactions, the first instance in 1993 directly from the land owner, i.e. Myanmar Railways of the Ministry of Rail and Transportation; and the second transaction in 1995 from an independent developer which previously acquired the land lease from Ministry of Rail Transportation, Myanmar Railways. IFC’s due diligence finds no issues related to land lease acquisition and no concerns expressed by local residents near the site. The Project is located in a central Yangon location, and IFC’s review has not identified any adverse impacts of the Project on ethnic minority persons or biodiversity. Issues contemplated by IFC Performance Standard 5, IFC Performance Standard 6 or IFC Performance Standard 8 were not therefore identified during IFC’s review.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.