EXIM Bank of India establishes presence in Myanmar State-owned Export-Import Bank of India (EXIM Bank) has recently opened its eighth overseas branch office in Yangon. The bank has also reached an agreement with the Myanma Foreign Trade Bank (MFTB) to extend a multi-purpose loan of US$ 500 million, which include US$ 199 million worth of irrigation projects and railway projects worth US$ 100 million. The deal was inked during the recent visit of Prime Minister Dr. Manmohan Singh. EXIM Bank extends loans to Indian exporters, and also acts as a supporting body in terms of financing for several Indian investments in Myanmar. According to U Myint Swe, Chief Minister of the Yangon Regional Government, bilateral trade between India and Myanmar stood at $1.8 billion in 2012-2013 fiscal year, and is estimated to reach $3 billion by 2015. U Myint Swe said there is high potential for bilateral trade and Myanmar could serve as the main link between India and Southeast Asia in the near future as a number of transport projects connecting the two nations, like the Kaladan Multi Modal Transit Project scheduled to complete in 2015, are underway. The bank has already established presence in Singapore, Dubai, London, and Washington DC and has three offices in Africa. Source: Thura Swiss:
Posted on: Sat, 21 Sep 2013 03:36:36 +0000
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