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Exim Bank and its Korean counterpart have signed an agreement to utilise USD 9 billion export credits to support priority sectors investments.
“A memorandum of understanding was signed today between Export-Import Bank of India and The Export-Import Bank of Korea, to utilise export credits of USD 9 billion to support priority sectors, including smart cities, railways, power generation and transmission, and other sectors,” Exim Bank said in a note.
The MoU was signed by Exim Bank managing director (additional charge) David Rasquinha and Jongku Choi, chairman & president of Export-Import Bank of Korea in Seoul on the sidelines of the Fifth India-Korea finance ministers meet.
With this, both the exim banks will endeavour to promote projects in India and support the supply of goods and services from India and Korea as part of projects in third countries.
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