Exim Bank includes ICICI in its Indian infra facility

The Export-Import Bank of the United States has approved the participation of Indian ICICI Bank in its Indian Infrastructure Facility established to support US exports for Indian projects.     

"We are pleased to expand our Indian Infrastructure Facility with ICICI Bank, a financial institution that is experienced in Exim Bank transactions. We look forward to supporting more US exports with ICICI Bank under the facility," Exim Bank Chairman and President James H Lambright said.     

ICICI Bank, Indias second largest commercial bank and largest private-sector bank, received a special delegated authority level of $250 million, which increases the total support available under the facility to $2.45 billion.     

 

Participating Indian financial institutions provide their guarantees to expedite processing of Exim Bank-backed medium-term and long-term financing for Indian buyers of US exports. Each financial institution has an underlying pre-approved credit line of $50 to $250 million.     

Power Finance Co, has a pre-approved line of $ 800 million. Financing provided under the facility is denominated in US dollars.     

Projects eligible for support include power and renewable energy generation, oil and gas development, small aircraft, airport development and health care, according to a media release.