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China’s Eximbank to fund hydro project

The Export-Import Bank of China (Eximbank) has signed a US$120M loan agreement with Myanmar’s state-owned utility company, Myanmar Electric Power Enterprise, to fund the construction of the 280MW Panglang hydroelectric power station. The loan will facilitate the purchase of power generating equipment from Yunnan Machinery and Equipment Import and Export Company (YMEC) which is based in southwest China’s Yunnan province.

The Panglang power station will produce one-third of the electricity supplied to Myanmar when it is commissioned in 2003.