The Export Import (EXIM) Bank of India announced on 19 June 2013 that it received a license for opening the representative office in Yangon, Myanmar. The license was granted to the EXIM Bank by U Thein Zaw, Deputy Director General, Financial Institutions Supervision Department, Central Bank of Myanmar.
EXIM Bank extended seven lines of credit (LOC) worth a total of 247.43 million US dollar to Myanmar Foreign Trade Bank (MFTB). Through these LOCs, a range of projects such as setting up Moreh-Tamu OFC link, manufacturing of Tata vehicles, upgradation of the Yangon - Mandalay railway system, upgradation of Thanbayakan Petrochemical Complex, Thanlyin refinery projects, setting up of three transmission lines and assembly and manufacturing plant for assembly are being carried out.
Apart from all these projects, during PM Manmohan Singh’s visit to Myanmar in May 2012, a Memorandum of Understanding (MOU) was signed between EXIM Bank and MFTB for LOCs aggregating to 500 million US dollar. Under this MoU, 16 ongoing irrigation schemes, projects for the purpose of procurement of rolling stock, two irrigation projects as well as upgradation of 3 main railway workshops in Myanmar need to be covered.
The overall trade of India with Myanmar increased 4.1 percent and touched 1.9 billion US dollar in 2013-14 financial year.