EXIM Bank of India receives license to open representative office in Myanmar

June 24, 2013

Myanmar has provided the Export Import (EXIM) Bank of India with a licence to open a representative office in Yangon.
Key Points:

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.