Allen & Overy has advised longstanding client, the Asian Development Bank (ADB), on an USD100 million credit facility for Yoma Strategic Holdings Ltd (Yoma) which will establish on-going investment by Yoma in connectivity projects in Myanmar in a number of sectors including telecommunications, transportation, logistics and education.

The innovative facility is structured as a corporate loan to Yoma, but also benefits from onshore security and guarantees over certain identified projects in Myanmar. Yoma also has flexibility to re-direct investments to various different connectivity projects within its group, all of which will be based in Myanmar.

The Allen & Overy team was led by Bangkok based partner Stephen Jaggs with support from senior associate Chris Bishop and associate Isabelle Whitehead.

Commenting, Stephen Jaggs said: “We are very pleased to have been able to support ADB and Yoma on this exciting transaction which will underpin the next stage of Yoma’s impressive work in Myanmar. This project is one of the largest foreign sourced debt financings to be supported by onshore Myanmar security signed since the country’s economic re-opening and our involvement demonstrates our position at the forefront of the Myanmar market.   We are very pleased to be working closely with ADB on helping to open up the debt financing market in Myanmar, which will create real opportunities for both local and foreign investors in the years ahead.”

Allen & Overy’s dedicated Myanmar group follows all developments closely for clients who span the full spectrum of active sectors, including telecommunications, financial services, manufacturing, consumer electronics and energy and natural resources, including oil and gas. The Myanmar practice in Yangon comprises of managing partner Simon Makinson and two other senior lawyers, Chris Burkett and Kathryn Thornton and four business services staff. A&O also has a dedicated team of sector specialists made up of partners and lawyers from the firm’s Bangkok and Singapore offices. Certain projects bring in experts from further afield and, to date, have included teams from Tokyo, Sydney, Perth, New York and London (where the team includes Josh Htet (a Myanmar national/UK-qualified lawyer).