Myanmar OTA grabs attention of World Bank Group investment armNews / DistributionBy Martin Cowen | May 17, 2016Share This article was originally published on International Finance Corporation, a member of the World Bank Group, is considering an investment in Oway Group, owner of an OTA and a ride-hailing app in Myanmar.It has released a "Summary of Investment Information (SII)" which outlines its reasons for "considering an equity investment of up to $3 million" in the business.The investment has yet to be confirmed and will be presented to the board at a meeting in June.The statement says that Oway Group is looking to raise $10 million for working capital, including technology development and sales and marketing.The OTA, Oway Travel, was founded in 2012 and operates as a full-service OTA, selling domestic flights, hotels, buses and package holidays. It also has an IATA licence to sell international flights.Its other business line is OwayRide, an on-demand ride hailing app which went live this March.IFC is focused on for-profit private-sector investments in developing economies. But it also notes that Oway contributes to Myanmar's economy via direct and indirect job creation, giving travel suppliers a reliable platform and regular source of business, improving transportation and generally contributing to the country's emerging tech industry.Wearesocial's Digital, Social & Mobile in Southeast Asia 2015 puts Myanmar's internet penetration at 9% (out of a population of some 54 million). It fares better in terms of mobile penetration, and the country's first 4G mobile network was announced by Oreedoo earlier this month.Economically, Myanmar is expected to grow by 8.5% this year and is one of Asia's fastest growing economies, according to an IMF report released last September.This growth is reflected in the long-term prospects for its travel and tourism industry. The WTTC produced a report in 2015 which said that Myanmar's long-term tourism growth prospects between 2015 and 2025 are the best in the world when measured in terms of its proportion of GDP.