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IFC supports Myanma Awba Group’s sustainable agricultural expansion in Myanmar
Sep. 7, 2016
Myanma Awba Group
MyanmarFollow
MyanmarIFC, a member of the World Bank Group, supports the expansion of agribusiness and job creation in Myanmar with a $10 million convertible facility to Myanma Awba Group Company Ltd.
The leading player in agricultural inputs aims to introduce advanced formulation and environmental technology to Myanmar and boost production capacity to ensure that top quality products are available for smallholder growers. The plant is expected to meet up to 50 percent of the demand for crop protection chemicals in the country.
The facility will enable the group to proceed with the first phase of the Hmawbi Agricultural Input Complex, a state-of-the-art formulation plant for crop protection products, located 30 km north of Yangon. It will be the first and only modern crop protection plant in Myanmar that meets clear environmental criteria set by the World Bank Group.
“Establishing the new facility maintains Myanma Awba Group’s ongoing commitment to bring world-class technology to Myanmar farmers,” said U Thadoe Hein, Chairman and Group CEO. “We’re delighted that IFC shares our positive view of the future of agriculture in the country and the role it will play in rural economic development”.
Myanmar’s crop yields have lagged behind those of neighboring countries despite similar agri-ecological conditions. Myanma Awba Group helps local farmers to boost yields by educating growers on how to use modern agricultural technology and introducing contemporary growing practices.
Myanma Awba Group expects the new complex to create about 500 full-time and part-time jobs and to support a grower base of over three million farming families across the country.
“Our support to Myanma Awba Group will facilitate improvements in agricultural productivity and create much-needed jobs along the agricultural value chain,” said Vikram Kumar, IFC Country Manager for Myanmar. “Supporting agribusiness is one of IFC’s priorities in Myanmar as it helps increase rural income and promote inclusive growth for about 70 percent of the country’s labor force working in this sector.”
In addition to financing, IFC will help the company pursue sustainable operations by adopting good corporate governance practices, implementing an enhanced environmental and social management system and improving microfinance capacity.
IFC has significantly scaled up its global agribusiness investments in recent years. For the fiscal year ending in June 2016, IFC invested $3.4 billion across the agribusiness supply chain—from farm to retail—to help boost production, increase liquidity, improve logistics and distribution, and expand access to credit for small farmers. IFC’s agribusiness portfolio as of June 2016 stood at $5.6 billion.
Source: Myanma Awba
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