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China Eximbank Helps Fund Myanmar's



China Eximbank Helps Fund Myanmar's

Xinhua, Kunming, 19 September 2000. The Export-Import
Bank of China (Eximbank) has signed an agreement with
Myanmar's state-run electric power company to approve
1 billion yuan (120 million US dollars) 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
hydro-power project in Myanmar.

Prior to this, Eximbank has approved 60 million yuan
(7.2 million US dollars) 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 hydro-power equipment to southeast Asian countries,
and also Yunnan's largest foreign trade project.