Exim Bank India sets $20M credit line with Myanma Foreign Trade Bank for Thanlyin Refinery renovation. Compliance required.

The Export-Import Bank of India has established a USD 20 million Line of Credit with the Myanma Foreign Trade Bank, effective from October 23, 2006, to finance Indian exports for the renovation of the Thanlyin Refinery in Myanmar. The credit agreement allows for a utilization period of up to 72 months for supply contracts. Shipments must be declared according to Reserve Bank guidelines, and no agency commission is payable under this credit. Authorized banks are instructed to inform exporters and ensure compliance with relevant Foreign Exchange Management Act directives.

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