The project sponsors include Alcazar Towers Limited and M1 Telecom.

Alcazar Towers, owned by the family of Alcazar Capital Limited’s (“Alcazar”) Chairman Maroun Semaan, was established together with other SPVs affiliated with Alcazar''s directors and partners to develop the tower business in Myanmar. Alcazar is a financial advisory firm focused on frontier market private equity investments, M&A and project development opportunities, particularly in telecoms and logistics. Alcazar is a private company and is registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority.

M1 Telecom is part of M1 Group, an investment holding with international interests including telecommunications, real estate, aviation, fashion and retail, energy, financial asset management and transport. M1 is majority owned by Taha Mikati and Najib Mikati. M1 Group is a DIFC Entity and it is a private company.

IGT is owned by ITAH, which holds 99.99% of the shares in IGT.  ITAH is in turn owned by companies affiliated with Alcazar (Alcazar Towers Limited (a company owned by the family of Alcazar Capital Limited Chairman Maroun Semaan); ACL Dagon Tower Holding Pte Ltd (a company owned by the family of Alcazar Capital Limited CEO Charbel Abou-Jaoude and by Alcazar Capital Limited partner Patrick Tangney), and Alcazar Projects Ltd, a company owned by Alcazar Capital Limited employees and directors) and by M1 Telecom.    The companies affiliated with Alcazar Capital Limited collectively have a majority of the voting interest in ITAH.

The total project cost is estimated at US$490 million. IFC is seeking to place (i) an equity investment of up to US$30 million; (ii) a senior debt investment of up to US$30 million from IFC’s own account; and (iii) mobilization up to US$30 million of potential parallel senior debt financing to IGT.

52.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	42.50
Equity	10.0

* These investment figures are indicative

The Project is located throughout Myanmar in urban and rural areas. In order for the mobile network operators to achieve the targets for coverage as set by the Government of Myanmar, a nationwide tower roll out plan is required and reflected in tower build plans.

The project''s key development impact is expected to include:
-Development of the telecom sector in Myanmar: The sector remains significantly underdeveloped with approximately 41% unique subscriber mobile penetration as of CYQ1 2016, a rate which is low by regional and global standards. Development of the tower business is critical for expansion of mobile phone coverage to enable national access. By engaging in the Project, IFC would support the expansion of mobile coverage and encourage tower sharing practices. When mobile operators colocate on towers through an independent tower company, it enables them to pool resources, reduce initial capital expenditure and lower operating expenses through economies of scale. This helps to accelerate roll out, decrease time to market and increase the financial viability of rural coverage.
-Job creation: The Project will create direct and indirect employment opportunities in Myanmar through construction and operation of the towers.
-Demonstration effect: The success of this Project will demonstrate the commitment of the Government of Myanmar to private sector involvement in the telecoms tower sector and will help to attract more private capital flow into the sector.

-Long-term capital: IFC will provide long term financing to a company in a high growth, capital intensive industry with limited access to finance at present in Myanmar.
-IFC''s sector expertise: As IFC has global expertise in the towers sector and local presence and mobile industry experience in Myanmar, the Company will benefit from IFC''s shared knowledge.
-E&S standards: Given the nascent state of the industry and as IFC''s first telecom tower company investment in Myanmar, IFC will be able to help proliferate good E&S standards and practices for developing the sector.
-Political and regulatory support: IFC will provide guidance regarding the evolving political and regulatory environment of the Country.

This is a Category B corporate investment as per IFC’s Environment and Social Review Procedure. Existing and future telecommunications towers are considered to have limited environmental and social impacts. IGT’s medium-term growth strategy is focused toward the development of additional telecommunications towers throughout Myanmar.

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.