Mumbai, Aug 19: ICICI Bank Limited, India's second largest Bank, and The Export-Import Bank of the United States (Ex-Im Bank) signed a Memorandum of Understanding (MOU) for USD 250 million to work together for financing the capital goods imports of Indian corporates from USA.
This understanding is an extension on the Indian Infrastructure Facility of Ex-Im Bank. As per the understanding Ex-Im Bank would provide credit support to International Banks for financing of capital goods imports by Indian corporates. This MOU would particularly benefit companies in sectors such as power, transportation, airports, oil and gas and renewable energy, ICICI said in a release here.
The MOU was signed by Mr Ray Ellis, Vice President and Manager of Ex-Im Bank's Strategic Initiatives Division and Mr Sonjoy Chatterjee, Executive Director, Member of ICICI Bank Limited's board (responsible for Corporate banking and International Banking).
''We have recognised that India's infrastructure needs over the next ten 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,'' Mr Ellis said in the release.
On the signing of MOU, Mr Chatterjee said, ''There is a large pipeline of infrastructure projects in the country. We are committed to partner our customers and offer structured solutions to finance this growth. The MOU with Ex-Im Bank will play a key role in this regard.''