Bangkok--9 Aug--EXIM Thailand
EXIM Thailand announces that the loan drawdowns and interest payments under the 4-billion-baht term loan for infrastructure development in Myanmar have been duly executed. The lending helps create more jobs and income for machinery exporters, construction contractors and petrochemical producers in Thailand.
According to Dr. Apichai Boontherawara, President of Export-Import Bank of Thailand (EXIM Thailand), the Bank’s 4-billion-baht loan with a repayment term of 12 years was officially granted to Myanma Foreign Trade Bank (MFTB) for Myanmar’s road construction and infrastructure development in June 2004. MFTB is a state bank designated to allocate the loan funds to various Myanma governmental agencies for use in the procurement of capital goods and services originating from Thailand. Up to the present, EXIM Thailand has provided financial support to Thai exporters and investors under the procurement contracts granted by the Myanma Government worth 3.8 billion baht. A total drawdown amount of 2.7 billion baht has been made with all four installments of interest payment satisfactorily fulfilled.
EXIM Thailand President added that this lending has created more jobs and income for 16 export companies in Thailand. Under the approved credit line, 1.75 billion baht has been extended to nine exporters of machinery and equipment in Thailand, 980 million baht to three overseas construction contractors, 500 million baht to two petrochemical enterprises and 600 million baht to two telecommunications companies. The Bank’s lending objective is to support economic development in neighboring countries while promoting Thai export and overseas investment which, ultimately, will help increase Thailand’s national income.
This financial assistance to Myanmar has far-reaching implications on the economic advancement of Myanmar and ASEAN as well as the promotion of Thailand and Myanmar cooperation which, in turn, will contribute to resolving border security issues as well as enhancing the living conditions of the people of both countries. The Bank will make its best effort to ensure the Myanma authority’s effective use of the credit line while safeguarding the interest of Thailand.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand (EXIM Thailand) is a state-owned specialized financial institution under the Ministry of Finance’s supervision. Established under the Export-Import Bank of Thailand Act B.E. 2536 (1993), which was amended in 1999 to expand its role in supporting investments, EXIM Thailand was mandated to provide financial services for the promotion and facilitation of Thailand’s exports, imports and investments for national development. The Bank’s objectives are to strengthen the competitive edge of Thai exporters and investors abroad as well as promoting business activities that contribute to the earning or saving of foreign exchange.
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