The U.S. Export-Import Bank and ICICI Bank of India entered a memorandum of understanding pledging cooperation on financing projects beneficial to both India and the United States.
Up to $500 million in new transactions could be financed as a result of the initiative.
ICICI Bank is India’s largest private sector bank and the MOU will support financing of U.S. goods and services by ICICI Bank’s customers. Ex-Im and ICICI banks see export opportunities in air traffic control and infrastructure; railway; urban metro and port development projects; power generation, including renewable energy; oil and gas projects; and water treatment projects.
“This $500 million MOU represents a partnership between our two countries and will help ensure that American companies and workers help India meet its growing infrastructure needs, while creating jobs here at home,” said Fred P. Hochberg, Ex-Im Bank chairman and president, in a statement.
Ex-Im Bank’s authorizations in India continue to increase significantly, bringing the bank’s total exposure to India to $8.5 billion at of the end of the first quarter of fiscal year 2013. India is currently the bank’s second largest market in terms of overall exposure. Last year, Ex-Im Bank financed 17 percent of all U.S. exports to India.
Ex-Im Bank, ICICI Bank ink MOU
