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Saturday, August 24, 2013

Exim Bank to open Myanmar office in September

The Export Import Bank of India will open its eighth overseas office in Yangon, the capital of Myanmar, next month, a senior official said on Friday.

This is being done as a follow up to Prime Minister Manmohan Singh’s recent visit to the neighbouring nation during which the two sides had signed MoUs worth $500 million for various projects.

These include irrigation and railway projects worth $199 million and $100 million, respectively. “We have requested the Government to finalise the remaining projects at the earliest,” said David Rasquinha, Executive Director, Exim Bank, here.

Exim Bank had so far contributed to the development of projects worth $250 million, including a Tata Motors’ vehicle assembly plant, in Myanmar.

Currently, Exim Bank has overseas offices in Singapore, Dubai, London and Washington DC, besides three offices in Africa.

Rasquinha said the Bank’s overseas payment receipts have been excellent and its non-performing assets negligible.

On rupee depreciation, he said it could benefit India in the long term as this currency has now become more competitive, particularly vis-à-vis those of Brazil, Malaysia and Indonesia, whose currencies, too, have depreciated.

He said Exim Bank sees good business opportunity for India in Africa. Seven of the fastest growing economies are now in that continent whose entire GDP is almost equal to India’s $1.3 trillion. As on March 31, 2013, project export contacts valued at over Rs 1,16,000 crore ($21.37 billion), supported by Exim Bank, were under execution by 90 Indian companies in 68 countries across Asia, Africa and the CIS.

Of these, 163 projects worth Rs 20,682 crore in 41 countries are under Exim Bank’s Government of India-supported Lines of Credit (LoCs). The balance 130 projects worth Rs 95,337 crore in 40 countries, which are on progress-payment basis, have been supported by Exim Bank.

Recently, with Exim Bank’s support, Gujarat-based Kalpataru Power Transmission Ltd (KPTL) secured a power transmission line contract worth $180.87 million in the Democratic Republic of Congo in Africa.

Source: thehindubusinessline


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