ICICI Bank Ltd, India’s second largest Bank, and The Export-Import Bank of the United States (Ex-Im Bank) today signed a Memorandum of Understanding (MOU) for USD 250 million to work together for financing the capital goods imports of Indian corporates from USA.

This understanding is an extension on the Indian Infrastructure Facility of Ex-Im Bank. As per the understanding Ex-Im Bank will provide credit support to International Banks for financing of capital goods imports by Indian corporates. This MOU will particularly benefit companies in sectors such as power, transportation, airports, oil & gas and renewable energy. The MOU was signed by Mr. Ray Ellis, Vice President and Manager of Ex-Im Bank’s Strategic Initiatives Division and Mr. Sonjoy Chatterjee, Executive Director, Member of ICICI Bank Ltd’s board (responsible for Corporate banking and International Banking).

“We have recognized that India’s infrastructure needs over the next 10 years are enormous. Ex-Im Bank’s Indian Infrastructure Facility with ICICI Bank’s participation will provide key support to U.S. companies in helping to meet these needs,” said Ray Ellis.

On the signing of MOU, Sonjoy Chatterjee said, “There is a large pipeline of infrastructure projects in the country. We are committed to partner our customers and offer structured solutions to finance this growth. The MOU with Ex-Im Bank will play a key role in this regard.”

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