EXIM Thailand's new product to boost exports to CLMV

BANGKOK, March 7 (TNA) - The Export-Import Bank of Thailand (EXIM Thailand) has introduced its new product, aimed to help boost Thai exports to neighboring Cambodia, Lao PDR, Myanmar and Vietnam, known as the CLMV group. EXIM Thailand President Pisit Serewiwattana told journalists in Phnom Penh on Thursday, after a ceremony to open his bank's new representative office in the Cambodian capital, that the new product is a new lending program provided for buyers in the CLMV group, covering business operators, to support their purchase of goods and services from Thailand. Pisit stated that under the new lending program, borrowers in the CLMV group can seek his bank's approval of the maximum of 4 million US dollars each, or not higher than 85 per cent of the total value of goods or services each of them purchase from Thailand under the program, for a period no more than five years with a low lending interest rate of the London Inter-bank Offered Rate (LIBOR) plus 4 per cent annually. According to EXIM Thailand president, his bank will pay the prices of the goods or services to Thai exporters on behalf of their CLMV clients under the new lending program. "The new product is aimed to help further boost Thai exports to the growing CLMV economies in 2019, after Thai exports to the CLMV group expanded by up to 17 per cent year-on-year in 2018, outpacing the country's exports to such major markets as the United States, the European Union (EU) and Japan", said the EXIM Thailand president. (TNA)