NIB offers Euro 20 mn credit for India

The Nordic Investment Bank (NIB) and Srei Equipment Finance Limited has launched a loan programme in India for financing the acquisition or leasing of industrial equipment designed or produced in the NIB's member countries, Srei said on Tuesday.

The NIB is an international financial institution owned by eight member countries - Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries.

The new loan programme totals Euro 20 million and has a maturity of eight years.

The funds from the programme will be used to finance acquisitions and leasing of industrial equipment designed or supplied by equipment manufacturers in NIB's member countries to Indian enterprises, Srei said in a statement.

"The construction sector in India has been experiencing significant growth over the past few years, and with it, the demand for equipment leasing has gone up. The loan facility agreed by SEFL and NIB will provide financing and support cooperation between Indian enterprises and Nordic equipment manufacturers," NIB President and CEO Henrik Normann said.

"This facility would enable OEMs and customers of the Nordic region to understand the thriving opportunities in the Indian construction equipment market, through Srei, and participate in the growth story," Srei Equipment Finance CEO Devendra Kumar Vyas said.