EXIM Bank of India receives license to open representative office in Myanmar
Myanmar has provided the Export Import (EXIM) Bank of India with a licence to open a representative office in Yangon.
- Exim Bank has extended seven Lines of Credit (LOC), amounting USD 247.43 million to Myanmar Foreign Trade Bank (MFTB).
- These LOCs are carrying out various projects, including upgradation of the Yangon – Mandalay railway system, setting up Moreh-Tamu OFC link, Thanlyin refinery projects, assembly/manufacturing plant for assembly and manufacturing of Tata vehicles, setting up of three transmission lines and upgradation of Thanbayakan Petrochemical Complex.
- It should be recalled that an MoU was signed b/w the EXIM and the MFTB during the visit of PM Manmohan Singh in May 2012, for LOCs aggregating to USD 500 million.
- The MoU covers sixteen ongoing irrigation schemes, two irrigation projects, project for procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar.
- India’s total trade with Myanmar has expanded 4.1% to touch $1.9 billion in FY13.