Ex-Im Bank Signs $500 Million MOU with ICICI Bank
February 7, 2013
(Ex-Im Bank)
Chairman Travels to India on Business Development Mission
Mumbai, India - Fred P. Hochberg, the chairman and president of the
Export-Import Bank of the United States (Ex-Im Bank), traveled to India last
week on a business-development mission. While in India, the Chairman signed a
$500 million Memorandum of Understanding (MoU) with ICICI Bank 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 this MoU will support the
financing of U.S. goods and services by ICICI Bank's customers. Ex-Im and ICICI
Bank see specific 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.
In Mumbai, Hochberg also met with local officials and identified new business
opportunities for U.S. exporters in the power, energy, and manufacturing
sectors. He also met with several leading business organizations, including
members from the U.S.-India Importers Council and the Confederation of Indian
Industry.
“India is an emerging market that provides enormous opportunities for U.S.
companies,” said Ex-Im Bank Chairman Fred P. Hochberg. “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."
Speaking on the occasion, Chanda Kochhar, MD & CEO, ICICI Bank said, "ICICI
Bank is pleased to be working with the U.S. Ex-Im Bank towards the growth of
India-US trade. This MoU combines the strengths and expertise of both our
institutions, helping U.S. Ex-Im to leverage ICICI Bank's strong corporate
relationships and project finance capabilities, and ICICI Bank to offer diverse
funding options to its clients".
Ex-Im Bank’s authorizations in India continue to increase dramatically, bringing
the Bank’s total exposure to India to $8.5 billion as of the end of the first
quarter in FY 2013. India is currently the Bank’s second largest market in terms
of overall exposure. Last year, US Ex-Im Bank financed 17 percent of all U.S.
exports to India.
India is one of nine key markets where Ex-Im Bank is focusing its
business-development efforts because of the country's infrastructure and
development needs.
About ICICI Bank Ltd:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the
second largest bank in the country, with consolidated total assets of US $ 122
billion at December 31, 2012. ICICI Bank’s subsidiaries include India’s leading
private sector insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms. ICICI Bank’s presence currently
spans 19 countries, including India.
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