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Export-Import Bank of India (Exim Bank) has received a banking licence to open a representative office at Yangon in Myanmar.
Exim Bank has extended seven lines of credit (LoCs) worth $247.43 million to the Myanmar Foreign Trade Bank for projects or contracts such as upgradation of the railway system, setting up refinery projects, a manufacturing plant for assembly and manufacture of Tata vehicles in Myanmar and setting up of three transmission lines in Myanmar, among others.
A memorandum of understanding (MOU) for LoCs worth $500 million was signed between Exim Bank and Myanmar Foreign Trade Bank. Under the MoU, 16 ongoing irrigation schemes, two irrigation projects, a project for procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar are covered.
Exim Bank also offers medium and long-term buyers’ credit for project exports to Myanmar, thus enabling Indian project exporters to secure business while avoiding risk.
Source: thehindubusinessline
Exim Bank has extended seven lines of credit (LoCs) worth $247.43 million to the Myanmar Foreign Trade Bank for projects or contracts such as upgradation of the railway system, setting up refinery projects, a manufacturing plant for assembly and manufacture of Tata vehicles in Myanmar and setting up of three transmission lines in Myanmar, among others.
A memorandum of understanding (MOU) for LoCs worth $500 million was signed between Exim Bank and Myanmar Foreign Trade Bank. Under the MoU, 16 ongoing irrigation schemes, two irrigation projects, a project for procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar are covered.
Exim Bank also offers medium and long-term buyers’ credit for project exports to Myanmar, thus enabling Indian project exporters to secure business while avoiding risk.
Source: thehindubusinessline
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