Indian bank finances Myanmar irrigation projects

The Export and Import Bank of India has given a US$198.96 million [K198.96 billion] line of credit to the Myanma Foreign Trade Bank for financing several irrigation projects, according to the Reserve Bank of India on March 23.

The EXIM Bank’s credit will finance 18 irrigation projects in Myanmar.

Out of the total credit by EXIM Bank under this agreement, the goods and services including consultancy services of the value of at least 50 percent of the contract price shall be supplied by the seller from India and the remaining 50 percent goods and services may be procured by the seller for the purpose of eligible contract from outside India, according to the Chief General Manager, AK Pandey, in a notification issued on March 23.

The credit agreement under the Letter of Credit became effective after February 26, 2015.


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