Exim Bank gets license to open representative office in Myanmar

June 24, 2013: The Export Import (EXIM) Bank of India today said it has received a licence to open a representative office in Myanmar's Yangon.

The banking license was presented by U Thein Zaw, Deputy Director General, Financial Institutions Supervision Department, Central Bank of Myanmar, the Bank said in a statement.

 

Exim Bank has extended seven lines of credit (LOC), aggregating USD 247.43 million to Myanmar Foreign Trade Bank (MFTB), it said.

 

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, are being carried out through the LOCs.

 

Apart from that, during the visit of Prime Minister Manmohan Singh in May 2012, an Memorandum of Understanding (MOU) for LOCs aggregating to $500 mn was signed between Exim Bank and MFTB, the statement said.

 

Sixteen ongoing irrigation schemes, two irrigation projects, project for procurement of rolling stock, equipment and upgradation of three major railway workshops in Myanmar are to be covered under the MoU, it said.

 

The country's total trade with Myanmar has risen 4.1 per cent to touch $1.9 billion in FY13, added the statement.

 

The Economic Times