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Annual Report 2009-10
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:: PRESS RELEASES |
Exim Bank Inks Two Pacts For US$ 84 Million With Myanmar
Exim Bank of India has, at the behest of Government of India, signed two Line of Credit Agreements with Myanma Foreign Trade Bank for US$ 64.07 million and US$ 20 mn for financing three transmission lines (Thahtay Chaung- Oakshitpin 230 KV; Thahtay Chaung - Thandwe - Maei-Ann 230 KV and Thandwe - Athoke 230 KV) and an Aluminum Conductor Steel Reinforced (ACSR) Wire manufacturing factory with a total annual output capacity of ACSR 10,000 tonnes and galvanized iron wire 4000 tonnes in Myanmar. The Agreements were signed on Tuesday, June 24, 2008, during the visit of Minister of State for Power and Commerce and Industry, Mr. Jairam Ramesh to Myanmar, by Mr. Sunil Trikha, Chief General Manager, on behalf of Exim Bank and Mr. Than Ye, Managing Director, on behalf of Myanma Foreign Trade Bank, in the presence of the Minister for National Planning and Economic Development for Myanmar, Mr. Soe Thar.
Exim Bank has already extended four LOCs to Myanmar, at the behest of Government of India. The earlier LOCs have been utilized to finance projects such as railway rehabilitation, telecommunication, refinery and hydropower.
Under the LOCs, Exim Bank reimburses 100% of contract value to the Indian exporter, upfront upon the shipment of goods/ provision of services. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. With the signing of this LOC Agreement, Exim Bank has now in place 97 Lines of Credit, covering 90 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments amounting to US$ 3.17 billion, available for utilization for financing exports from India. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters.
For further information, please contact
Mr. Prabhakar Dalal,
Chief General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 22162073/22172310,
Fax:(022) 22182460.
E-mail:eximloc@eximbankindia.in
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