India to invest $103 million in Burmese port The Indian government could invest US $103 million in
the development of the port at Settwe on the Burmese coast, the union minister for commerce Jairam Ramesh said on Monday.
“The port which would be an alternative route to the North Eastern region and it would provide direct link to
and Visakhapatnam through the Kaladan River,” Ramesh said while on tour to the Bangladesh border.
“The project would be implemented by RITES and was expected to be completed in three years’ time,” he said.
India’s foreign secretary, Shyam Saran, is reportedly in Rangoon to discuss the issue.
The Export and Import Bank of India has also announced the clearance of a $20 million loan to Burma for the modernisation of a refinery project.
“An agreement is scheduled to be signed for the US$20 million line of credit to within a couple of weeks,” a senior Exim Bank official said.