2004.7.11 Myanmar gets large Thai loan for purchasing goods

This could be considsered as a one example how Thailand authorities considers the internationalization of Thai bahts in the neighboring countries.

Myanmar gets large Thai loan for purchasing goods
2004.7.11
Xinhua News Agency
英語
(c) Copyright 2004 Xinhua News Agency

YANGON, July 11 (Xinhua) -- Myanmar has got 4 billion-bahts'( 100 million US dollars) loan from Thailand for purchasing Thai goods and services for use in road and infrastructural improvement, a local news journal reported Sunday.

The preferential export financing loan was provided by the Export Import Bank of Thailand under an agreement reached with the Myanmar Foreign Trade Bank late last month, the Thai bank was quoted by the Myanmar Times as saying.

The 12-year Thai loan agreement followed talks of leaders between Thailand and Myanmar at the summit of the Association of Southeast Asian Nations (ASEAN) in Bali last October, the sources disclosed.

The loan package constitutes part of the 250 million dollars' loan for Myanmar, Laos and Cambodia pledged by Thailand under an economic cooperation strategy agreed at a summit of the four countries in Myanmar's Bagan last November.

In recent years, Myanmar-Thailand bilateral trade has witnessed a growth, amounting to 1.5 billion dollars in 2003, the highest among Myanmar's bilateral trade with other ASEAN members.

Meanwhile, Thailand's investment in Myanmar reached 1.31 billion dollars as of the end of 2003, ranking the third after Singapore and Britain.