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Mumbai, Aug. 19

ICICI Bank Ltd has signed an agreement with the Export-Import Bank of the US (Ex-Im Bank) for $250 million to finance the capital goods imports of Indian corporates from that country. The memorandum of understanding is an extension on the Indian Infrastructure Facility of Ex-Im Bank. As per the understanding, the Ex-Im Bank will provide credit support to international banks for financing of capital goods imports by Indian corporates. The MoU will particularly benefit compa nies in sectors such as power, transportation, airports, oil and gas and renewable energy, said a press release from ICICI Bank. The press release quoting Mr Ray Ellis, Vice-President and Manager of Ex-Im Bank’s Strategic Initiatives Division, said, “We have recognised that India’s infrastructure needs over the next 10 years are enormous. Ex-Im Bank’s Indian Infrastructure Facility with ICICI Bank’s participation will provide key support to US companies in helping to meet these needs.”

— Our Bureau

More Stories on : Alliances & Joint Ventures | Credit Market | ICICI Bank Ltd

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