Exim Bank extends $ 60 mn LoC to finance Myanmar project
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.
By PTI |
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.
ADVERTISEMENT
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. Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
