The Export-Import Bank of the US has approved nine Indian financial institutions and made a commitment of $2.45 billion under its India Infrastructure Facility for lending to the country’s infrastructure projects and capital goods purchases.
The announcement was made by Raymond Ellis, vice-president, strategic initiatives division of the ExIm bank of the US today, in an interaction with industry representatives organised by Federation of Indian Chambers of Commerce and Industry.
This will help Indian companies to look at various financing options available for importing US products for their projects in India. The facility will be available for long and medium-term transactions and projects, and provides for expedited processing, along with minimising documentation.
The financial institutions approved included India Infrastructure Finance Company Limited (IIFCL) , IDBI, PNB, SBI and ICICI, among others.
ExIm Bank has an exposure to Indian borrowers of $7.2 billion in sectors like aviation, telecom, oil and gas, medical services and energy.
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