Apr 3, 2014

IFC to help privatise Yangon electricity

A new power generation project will be jointly implemented by the International Finance Cooperation (IFC) and Yangon City Electricity Supply Board (YESB).

The IFC, which is the private sector branch of the World Bank, aims to help to transform YESB into a corporation and is conducting a survey on electricity consumption, power charges and supply system.

“Thanks to this project, we can distribute electricity to regions which lack power at a reasonable price, as well as lower power losses. Currently, power loss in Yangon is about 27 percent. The running of cooperation will take few years,” said Tun Gywe, deputy chief engineer of YESB.

The newly formed cooperation will be 51 percent government owned with the IFC claiming the remaining 49 percent. The IFC signed a contract with Myanmar Oriental Bank (MOB) in February to offer monetary services to the country.

The IFC is an international financial institution which offers investment, advisory and assent management services to encourage private sector development in developing countries.

Source: Eleven Weekly Media