Exim Bank's USD 198 mn line of credit to Myanmar bank

Exim Bank has given a USD 198.96 million line of credit to Myanma Foreign Trade Bank, Myanmar for financing several irrigation projects.

Exim Bank has entered into an agreement with the Myanma Foreign Trade Bank (MFTB), Myanmar, for a Line of Credit (LOC) of USD 198.96 million, RBI said in a notification today.

It will finance 18 irrigation projects (16 ongoing and 2 rehabilitation) in Myanmar.

Out of the total credit by Exim Bank, goods and services including consultancy services of the value of at least 50 per cent of the contract price shall be supplied by Indian seller and remaining 50 per may be procured by seller from outside India.
 

The credit agreement under the LOC is effective from February 26, 2015.