Exim bank signs pacts worth $84 mln with Myanmar

{image-exim bank_27062008.jpg news.oneindia.in}New Delhi, Jun 27: The Export-Import Bank of India (Exim Bank) said it has signed two Line of Credit (LoC) agreements with Myanma Foreign Trade Bank for 84 million dollars for financing three transmission lines.

The agreements, worth 64.07 million dollars and 20 million dollars, will finance three transmission lines-- Thahlay Chaung-Oakshitpin 230 KV, Thahtay Chaung-Thandwe-Mae-Ann 230 KV and Thandwe-Athoke 230 KV; and an Aluminium Conductor Steel Reinforced (ACSR) wire manufacturing factory with a total annual output of ACSR 10,000 tonnes and galvanised iron wire 4,000 tonnes in Myanmar, a statement said.

The agreements were signed between Exim Bank Chief General Manager Sunil Trikha and Myanma Foreign Trade Bank Managing Director Than Ye on June 24 in the presence of Minister of State for Power, Commerce and Industry Jairam Ramesh and Myanmar Minister for National Planning and Economic Development Soe Thar.

Under the LoCs, Exim bank will reimburse 100 per cent of contract value to the Indian exporter upfront upon the shipment of goods/provision of services.

With the signing of this LoC, Exim bank will have 97 LoC, covering 90 countries with credit commitments amounting to 3.17 billion dollars available for utilisation for financing exports from India.

Exim bank had earlier signed four LoCs with Myanmar at the behest of union government. The earlier LoCs have been utilised to finance projects such as railway, rehabilitation, telecommunication, refinery and hydropower.

UNI