ANNOUNCEMENT 11 Dec 2013A new trade finance transaction was announced in December 2013.
NUMBER OF INTERVENTIONS
Indian Embassy, Myanmar
Reserve Bank of India - RBI/2016-17/13A.P. (DIR Series) Circular No. 02
On 11 December 2013, the Government of India agreed to provide a Line of Credit of USD 155 million to the Myanmar Foreign Trade Bank for financing development railway workshops. On 3 October 2015, the quantum of loan under the LOC was reduced to USD 86.31 million.
This is in addition to another credit line of USD 198.96 million to finance irrigation projects that was agreed on the same day.
The credit is provided by the Export Import Bank of India (EXIM). The credit agreement is effective from 27 June 2016 and requires that 75% of the contract price of goods and services under this agreement will be sourced from India.