Exim Bank signs LoC agreements with Myanmar, Mozambique

New Delhi, Aug 20 (UNI) Export-Import Bank of India has signed two Lines of Credit (LoC) agreements with Myanmar and Mozambique for an amount of 20 million dollars each.

The 20 million dollar LoC will be utilised by the Myanmar Foreign Trade Bank for renovation of Thanlyin Refinery in Myanmar while the other LoC will be used for the electrification of Gaza province in Mozambique, a bank statement said.

The LoC agreements were signed by Exim Bank Chief General Manager Prabhakar Dalal with Myanmar Trade Bank Managing Director Than Yee and Mozambique High Commissioner in India Carlos Agostinho do Rosario here.

Exim Bank has in place 65 LoCs with credit committments aggregating 2.11 billion dollars, which are available for financing India's exports to countries in Africa, Asia, Latin America, East Europe and the CIS.

Exim Bank's LoC's afford a risk-free, non-recourse export financing option to Indian exporters.

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