Exim Bank of India today extended a $60 million line of credit to Myanmar for financing of railway projects.

Exim Bank of India today extended a $60 million line of credit to Myanmar for financing of railway projects. These projects will be executed by India’s state-owned Rites Ltd.
This was announced by Mr U Soe Tha, minister for national planning & economic development of Myanmar, after the signing of a memorandum of understanding (MoU) by Mr TCA Ranganathan, chairman & managing director, Exim Bank and Mr Nyi Phyu Hla, managing director, Myanmar Foreign Trade Bank, at the Federation House (Ficci) here today.
Exim Bank has so far extended several lines of credit to Myanmar aggregating $250 million for a variety of projects such as railways, telecom, refinery, truck assembly plant and electricity transmission lines in Myanmar.
Those present on the occasion included Mr U Tin Naing Thein, Myanmar minister for commerce, Mr U Thaung, Myanmar minister for science & technology and member of the official-cum-business delegation from Myanmar, Mr MVS Seshadri. SNS

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