ICICI Bank in $250-mn pact with US Exim Bank

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Posted: Tuesday, Aug 19, 2008 at 1619 hrs IST
Updated: Tuesday, Aug 19, 2008 at 1619 hrs IST

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Mumbai, August 19: : Private-sector lender, ICICI Bank on Tuesday entered into an USD 250-million agreement with Export-Import Bank of United States to finance capital goods imports of Indian corporates from USA.

The agreement, which is an extension of Indian infrastructure facility of Exim Bank, will provide credit support to international banks for financing of capital goods imports by Indian corporates, a press release issued in Mumbai said.

This will particularly benefit companies in sectors such as power, transportation, airports, oil & gas and renewable energy, the statement said.

The agreement was signed by Exim Bank's Strategic Initiatives Division Vice President and Manager, Ray Ellis, and ICICI Bank's Executive Direcctor, Sonjoy Chatterjee, ICICI Bank is India's largest private sector bank and has consolidated total assets of about USD 113-billion as on June 30, 2008. The bank has presence in 19 countries.

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