The Export-Import Bank of India has extended a US$60 million line of credit to Myanma Foreign Trade Bank to finance the 100-MW Thahtay Chaung hydroelectric project to be built in Myanmar.
Officials of the Exim bank signed the line of credit with Myanmar officials October 29 in Yangon. The Exim bank is to reimburse 100 percent contract value to an Indian exporter, up front upon shipment of goods.
Thahtay Chaung is to be built on Thahtay Creek 15 miles northeast of Tandwe in Rakhine State, Myanmar reports said. The project is expected to have a 250-foot-tall, 1,300-foot-long embankment dam. It is expected to store a maximum of 340,000 acre-feet and to generate 318 million kilowatt-hours annually.
The line of credit is the fourth extended by the India Exim bank to Myanmar at the behest of the government of India.