India extends $ 500 mn line of credit to Myanmar
Posted on: 03:40 AM IST May 29, 2012
Nay Pyi Taw: Embarking on a "new journey" of bilateral cooperation, India on Monday extended a $500 million line of credit as part of 12 agreements on sectors like trade and energy signed with Myanmar, which vowed that its territory will not be allowed to be used by terrorists to target India.
Marking a historic visit to Myanmar, the first by an Indian Prime Minister in 25 years, Manmohan Singh held extensive talks with Myanmar President Thein Sein, drawing up a roadmap for future course of bilateral ties.
After their talks, the two countries signed a raft of agreements to boost energy supplies from resource-rich Myanmar to energy-hungry India, enhance trade and cross-border rail, shipping and road links that go beyond bilateralism to cover Thailand.
However, the agreement on the much-talked about passenger bus service between Imphal and Mandalay, Myanmar's second largest city, could not be signed as Myanmar Cabinet is yet to clear it, sources said.
After being greeted with a ceremonial guard of honour here, Singh first held restricted talks with President Sein and then the two leaders led their sides to a larger format of discussions that saw them undertaking a comprehensive review of the bilateral ties and outlining a roadmap for the future.
Under the Memorandum of Understanding (MoU) signed between Export-Import Bank of India and Myanmar Foreign Trade Bank, India will extend to Myanmar a concessional credit line of $500 million which will be utilised in infrastructure development projects, including in agriculture, irrigation, rail transport and power in Myanmar, said a joint statement issued after Singh-Sein talks held at the Presidential Palace.