India provides 84 million dollars in loans to Myanmar projects
Yangon - The Export-Import Bank of India has extended 84 million dollars in credits to two joint-venture projects for a factory and electrical transmission lines in Myanmar, state media reported Wednesday
The loans were inked Tuesday in Naypyitaw, Myanmar's capital, during a visit by an Indian business delegation led by Indian Minister of State for Commerce and Power Shri Jairam Remesh, said The New Light of Myanmar, a mouthpiece for the ruling military junta.
The bank provided a credit line to the Myanmar Trade Bank of 20 million dollars to finance a factory to make aluminium conductor steel reinforced wire, which is used in overhead electrical transmission lines, and another credit line to the Myanmar Foreign Trade Bank for 64 million dollars to finance three 230-kilowatt transmission lines in Myanmar.
The two projects are to be carried out by Indian-Myanmar joint ventures although the names of the Indian companies were not provided by state media. (dpa)
