Exim Bank extends USD 354 million to Myanma Foreign Trade Bank

The Exim Bank today extended close to USD 354 million to Myanma Foreign Trade Bank for irrigation projects and railway works through two lines of credits.
The lines include one of USD 198.96 million and another of USD 155 million for financing 18 irrigation projects (16 ongoing and two rehabilitation) and the procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar, respectively, it said.
Agreements for the LoCs were signed between the bank's executive director David Rasquinha and Myanmarese bank's managing director Nyi Phyu Hla, it said.
With the signing of the agreements, Exim Bank now has nine LoCs extended to MFTB, it said, adding that earlier it had extended seven LoC for financing railway projects, refinery projects, assembly/manufacturing plant of vehicles, transmission lines, upgradation of petrochemical complex, aggregate to USD 247.43 million.

Exim Bank will reimburse 100 per cent of the contract value to Indian exporters upon shipment of the goods, it said.
The signing of these two agreements takes the total number of such lines of credit extended by Exim Bank to 182 with credit commitments of over USD 10.07 billion to 75 countries, it added.