The Export-Import Bank of China (Eximbank) Monday signed an agreement with Myanmar's state-run electric power company to approve 1 billion yuan (US$120 million) worth of export seller's loan to help it build a gigantic power station.
The loan undertaken between the Myanmar Electric Power Enterprise and the Yunnan Machinery and Equipment Import and Export Co. (YMEC) in southwest China's Yunnan Province is the largest export seller's credit the Eximbank has issued to the midwest region.
Yang Zilin, governor of the bank, said the loan was approved to support Yunnan's exports. YMEC is a supplier of power-generating equipment for the Panglang Hydro-electric Station, which is the largest hydropower project in Myanmar.
Prior to this, Eximbank has approved 60 million yuan (US$7.2 million) of loans for the project.
To be installed with 280,000 kilowatts of generating capacity, the Panglang power station will be responsible for one-third of the electricity supplied to Myanmar when it is commissioned in 2003.
A 160 million-US dollar contract was clinched by the YMEC with the Myanmar power enterprise in 1998 to become its machinery supplier. It was China's largest export of complete sets of hydropower equipment to Southeast Asian countries, and also Yunnan's largest foreign trade project.
(Xinhua)
