US Ex-Im Bank loan for India’s infrastructure sector
August 10th, 2009 - 7:14 pm ICT by IANS
New Delhi, Aug 10 (IANS) The Export-Import Bank of the US has committed $2.45 billion under the India Infrastructure Facility, which provides for medium- and long-term financing of guaranteed, dollar loans to Indian borrowers, to fund infrastructure projects and capital goods purchases, a senior bank official said here Monday.
“The facility is available for long- and medium-term transactions and projects and provides for expedited processing and minimises documentation,” said Raymond Ellis, vice president of the US Ex-IM Bank’s strategic initiatives division.
It has also approved nine Indian financial institutions, these being India Infrastructure Finance Co, Indian Renewable Energy Development Agency, IDBI Bank, IDFC Bank, Infrastructure Leasing and Financial Services, Power Finance Corp, Punjab National Bank, State Bank of India and ICICI Ltd.
“The Ex-IM Bank has a current exposure to Indian borrowers of $7.2 billion in sectors such as aviation, telecom, oil and gas, heavy equipment sales and leases, medical equipment, services and energy,” Ellis said at a meet organised by the Federation of Indian Chamber of Commerce and Industry (Ficci).
Ex-Im Bank assists US exporters by guaranteeing term financing to creditworthy international buyers, both private and public sector, for purchases of American goods and services.
With Ex-Im Bank’s loan guarantee, international buyers are able to obtain competitive term financing from lenders when financing is otherwise not available or there are no economically viable interest rates on terms over one-to-two years.
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Tags: bank of india, dollar loans, export import bank, federation of indian chamber of commerce and industry, heavy equipment sales, india infrastructure, indian chamber of commerce, indian financial institutions, infrastructure facility, infrastructure finance, infrastructure projects, infrastructure sector, initiatives division, medical equipment services, power finance, punjab national bank, renewable energy development, sales and leases, state bank of india, strategic initiatives