Washington, Apr 17 (UNI) The Export-Import Bank of the United States (Ex-Im Bank) has approved a 29.4 million dollar long-term loan guarantee to support multiple exports of US medical, building and office equipment and services for the construction of Bhopal Medical College in Bhopal.
The transaction, structured under Ex-Im Bank' Medical Equipment Initiative, is the first to be authorised under the Bank' 2.2 billion dollar India Infrastructure Facility that supports US exports to Indian projects in sectors such as power and renewable energy generation, oil and gas development, small aircraft, airport development and health care.
Ex-Im Bank' financing support for the Bhopal Medical College Trust is guaranteed by Punjab National Bank in New Delhi, one of eight Indian financial institutions participating in the India Infrastructure Facility.
The facility enables the Indian banks to provide their guarantees, thereby expediting processing of Ex-Im Bank-backed medium-term and long-term financing for Indian buyers of US exports.
Each financial institution has an underlying pre-approved credit line of 50 to 250 million dollars. Financing provided under the facility is denominated in US dollars.
''Ex-Im Bank is pleased to work with Punjab National Bank to support this export of American medical equipment and services to India,'' said Ex-Im Bank Chairman and President James H Lambright said yesterday.
He said, ''We anticipate that this transaction will be the first of many in our partnership with major Indian lenders under this facility, providing mutual benefits for US exporters and developers of India' infrastructure.'' The Bhopal Medical College will be located on a 30-acre campus in Bhopal. The college will offer a five-year degree programme and will instruct 750 students at full capacity. The project includes construction of the medical college, a 750-bed hospital, housing for faculty and students, an administrative building, an auditorium, a laboratory and a sewage treatment facility.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain US jobs by financing the sale of US exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.
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