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CLASS

CDP to finance the electrical services development in Myammar

June 20, 2019


Abstract : Cassa Depositi e Prestiti will finance the electricity services development in Myanmar.

MILAN, June 18 (Class Editori) – Cassa Depositi e Prestiti will finance the electricity services development in Myanmar. As part of the International Cooperation, central for the 2019-2021 Business Plan, CDP has signed an agreement with the Ministry of Planning and Finance of Myammar to support them with 30 million euros, in order to improve the access to electrical services for rural populations and to increase the institutions' skills in the electrification process.

The initiative is part of the "National Electrification Project" (NEP) which aims to implement a national electricity expansion program, to give access to the electricity service, by 2030, to about two thirds of the population of Myammar.

By supporting the work, Cassa Depositi e Prestiti wants to contribute to the achievement of the SDGs 7, aimed at ensuring to everyone access to cheap, reliable, sustainable and modern energy systems. The initiative in Myanmar also represents an important step in providing increasingly modern and sustainable energy services.

As a financial institution for development cooperation (Ifcs), CDP explained in a note "of strengthening its commitment to sustainable growth at a global level, promoting projects aimed at improving the quality of life in developing countries and engaging to reduce economic and social inequalities".

Myanmar can be considered one of the few countries in the area – maybe the only one – left from the first development round, with all its derived potential.

"It is a country rich in water and gas, two energy sources that appeal to all, and in dire need for basic infrastructures and manufacturing facilities, starting from the automotive," said Paolo Arnello, a former Turin businessman operating in electronics parts. He moved to Yangoon four years ago, where he established the Myanmar's Italian Chamber of Commerce, one of the very few Western outposts.

At the moment, the Italian presence in the area is limited to a few big companies, relying on solid financial backings for their business. ENI is certainly the most prominent one, currently searching for energy sources in four locations, two offshore and two onshore. On the other hand, the Danieli company is developing a national steel industry project on behalf of the government, investing 800 million Euros.

In addition to gas and oil, the main sectors in which Italian companies are already present are tourism, agriculture (including machinery manufacturers such as tractors), manufacturing (Danieli for steel and Italcementi for cement) and agri-food. Interest continues to be high in terms of electricity and renewable sources, construction and infrastructure, clothing and financial services.

(Source:Class Editori)

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