The Export-Import Bank of China (China Exim) and ICICI Bank, have signed a loan agreement for USD 98-million under the two-step buyer-credit (export credit) arrangement.
ICICI Bank has signed the loan agreement through its Hong Kong branch and is the first Indian bank to have entered into this arrangement with China Exim, a press release issued here today said.
The agreement was signed in Beijing on March 19.
"With trade between the two countries growing, we are deepening our relationship with China Exim so as to provide suitable financing facilities to Indian corporates importing capital goods from China," ICICI Bank's Senior General manager and Regional Head-Asia, Sudhir Dole, said.
"This transaction with China Exim is in line with ICICI Bank's commitment to provide its customers with customised and structured corporate finance solutions," Dole added.
Co-operation between ICICI Bank and China Exim is likely to lead to creation of business opportunities for Chinese firms in India and is also expected to help Indian companies in tying-up long-term debt for their projects, the release said.
Source : Business Standard