Myanmar telco Frontiir bags $30m from UK development finance group

Frontiir receives investment from UK development group

Yangon-based internet service provider Frontiir has received an investment of USD 30 million from the UK government’s development finance institution. According to a report in The Irrawaddy, the investment has been made by the British CDC Group, formerly the Commonwealth Development Corporation. This is its first direct equity investment in Myanmar. It will reportedly allow Frontiir to add about 4,000 employees to its current staff pool of more than 1,600 people. “CDC’s capital will help accelerate [Frontiir’s] growth, helping it reach further remote regions,” Srini Nagarajan, CDC’s managing director and head of Asia, was quoted as saying. Frontiir has said it plans to expand its internet service to cover lower income townships around Yangon and Mandalay. The CDC is fully owned by the British government. It aims to “build thriving communities that provide sustainable opportunities for all citizens”.

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