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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank To Finance A Petrochemical Complex In Myanmar
Exim Bank’s Chairman & Managing Director Mr. T.C. Venkat Subramanian (left), exchanging the Line of Credit Agreement for USD 20 million with Mr. Than Ye (right), Managing Director of Myanma Foreign Trade Bank, in Yangon, on Tuesday, February 17, 2009. Looking on is Mr. Alok Sen (middle) India’s Ambassador to Myanmar.
Export-Import Bank of India (Exim Bank) has, at the behest of Government of India, extended a Line of Credit (LOC) of US$ 20 million to the Myanma Foreign Trade Bank, an agency nominated by Government of Myanmar, to finance the Thanbayakan Petrochemical Complex in Myanmar. The LOC Agreement to this effect was signed in Yangon, Myanmar on Tuesday, February 17, 2009, by Mr. T.C. Venkat Subramanian, Chairman and Managing Director on behalf of Exim Bank and Mr. Than Ye, Managing Director on behalf of Myanma Foreign Trade Bank, in the presence of India’s Ambassador to Myanmar Mr. Alok Sen.
Speaking at the signing ceremony, Exim Bank CMD Mr. Venkat Subramanian said: “This is seventh Line of Credit extended by Exim Bank to Myanmar, taking the figure of total LOCs to Myanmar to a quarter billion dollar mark. The earlier LOCs are being utilized to finance projects such as railway rehabilitation, telecommunication, refinery assembly plant, hydropower project and transmission lines. There is considerable scope for setting up joint ventures by Indian companies in Myanmar in sectors like IT, autoparts, pharmaceuticals and SME development, where Exim Bank can consider providing equity finance and even part equity alongwith Indian promoter companies”.
Under the above LOC, Exim Bank will reimburse 100% of contract value to the Indian exporters, upfront upon the shipment of goods. The LOC will be used for financing atleast 85% of total contract value through sourcing of goods and services from India.
Exim Bank has now in place 111 Lines of Credit, covering over 94 countries in Africa, Asia, Latin America, Europe and the CIS, with credit commitments of over US$ 3.7 bn, available for financing exports from India. Exim Bank’s LOCs afford a risk free, non-recourse export financing option to Indian exporters. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.
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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