Korea Eximbank will extend $183 million in loans for Myanmar projects

The Export-Import Bank of Korea (Korea Eximbank) said Tuesday it will extend $183 million in loans to a Myanmar infrastructure modernization project, which it sees generating future business opportunities there for Korean companies, the Korea Times reported on 17 November.

“Under Eximbank's Economic Development Cooperation Fund (EDCF)-based deal, the Myanmar government placed orders with Korean companies to build a bridge and replace its existing railroad cars with new ones in return for the 40-year low-rate loan,” a bank spokeswoman said.

As of the end of October, Eximbank extended a total of $423 million in EDCF loans to 10 state projects in Myanmar. Separately, the bank extended a total 580 billion won ($496 million) in export financing to Korean companies advancing into the country, the report said.

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