November 2, 2007 (Mizzima News) – The Export-Import Bank of India (Exim Bank) has extended a $60 million line of credit to Burma’s Foreign Trade Bank to finance the Thahtay Chaung hydropower project in western Burma.
The line of credit agreement was signed in Rangoon, on Oct 29th, on behalf of the Exim Bank by Executive Director S. R. Rao and on behalf of the Myanmar Foreign Trade Bank by Managing Director Than Ye, a bank press release said.
Thahtay Chaung (Thahtay Creek) is located 12 miles north-east of Thandwe, Rakhine State.
Under the line of credit, Exim Bank will reimburse 100 percent of the contract value to the Indian exporter upon shipment of goods, the release said.
This is the fourth line of credit extended by Exim Bank to Burma. Earlier lines of credit have been utilized to finance projects such as railway rehabilitation, telecommunications and a refinery.
With the signing of the line of credit, Exim Bank now has 82 lines of credit, covering 84 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments amounting to $2.7 billion available for financing exports from India, the release added.