Rs 500 cr project fund okayed for Cambodia, Laos, Myanmar, Vietnam

New Delhi, Aug 31 (IANS) The cabinet on Wednesday approved creation of a Project Development Fund (PDF) with a corpus of Rs 500 crore for catalysing the country's economic presence in Cambodia, Laos, Myanmar and Vietnam.

"The PDF shall be housed in the Department of Commerce and operated through the Exim Bank. The fund shall be governed by an Inter-Ministerial Committee under the chairpersonship of the Commerce Secretary," a statement said.

Cambodia, Laos, Myanmar and Vietnam have a unique position in the regional value chains and offer a gateway for market access to China and other markets due to various trade agreements.