30 Jan 2020

Launching Ceremony of MCB Equipment Loan

MCB Equipment Bridge Loan Launching Event conducted by Myanmar Citizens Bank Ltd., was held on 28th Jan 2020 at the meeting hall in Yangon Stock Exchange.
In the event, Mr. Godfrey Swain, CEO of MCB Bank gave a welcoming speech, expressing his thankfulness to the attendees from various organizations and highlighting the MCB’s commitment to Myanmar’s development & economy, with the Equipment Bridge Loan facility to address the financing gap in providing reliable and affordable power supply to customers in Myanmar.
After that, U Myo Myo, Deputy Director from Department of Rural Development explained about what DRD has been implementing for off-grid electrification in line with Myanmar Government electrification target which is 100% of the population to be accessible to electricity by 2030. He stressed the importance of this financing instrument for the electricity sector, where collective efforts are needed to support the electrification target.
Afterward, Mr. Richard Harrison, CEO of Smart Power Myanmar, organization that helped with the loan design – highlighted this moment to be an important precedent for private banking sector to support Myanmar’s energy development. He emphasized that Smart Power Myanmar will continue to support private stakeholders and commercial banks to advance financing for Myanmar’s electrification plan, to provide electricity access to improving socio-economic conditions in the communities.
Daw Me Me Kyaw, Executive Vice President of Commercial and SME Department, Myanmar Citizens Bank Ltd., explained about the services related to MCB Equipment Bridge Loan and answered the questions raised by the attendees. The ceremony was closed out successfully after a fruitful discussion.