Exim Bank Extends Us $ 60 Million Credit Line To Myanmar
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Exim Bank extends $ 60 mn LoC to finance Myanmar project
November 1, 2007: (The Economic Times) MUMBAI: Export-Import Bank of India (Exim Bank) has extended a USD 60 million Line of Credit (LoC) to Myanmar Foreign Trade Bank to finance the Thahtay Chaung Hydropower project in the South Asian country.
This is the fourth line of credit
extended by Exim Bank to Myanmar.
The earlier LoCs have been utilised to finance projects such as railway
rehabilitation, telecommunication and refinery, a bank release said here today.
The LoC agreement to this effect was signed in Yangon, Myanmar,
on Oct 29 by Executive Director, S R Rao, on behalf of Exim Bank and Than Ye,
Managing Director, on behalf of Myanmar Foreign Trade Bank, the release said.
Under the LoC, Exim Bank will reimburse 100 per cent of contract value to the
Indian exporter, upfront upon the shipment of goods.
With the signing of the LoC Agreement, Exim Bank has now 82 Lines of Credit,
covering 84 countries in Africa, Asia, Latin America, Europe and the CIS, with
credit commitments amounting to USD 2.7 billion, available for utilisation for
financing exports from India, the release added.