Chairman Travels to India on Business Development Mission
MUMBAI, India, Feb. 7, 2013 /PRNewswire-USNewswire/ -- 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, U.S. Ex-Im Bank financed 17 percent of all U.S. exports to India.
India is one of nine key markets (others are Mexico, Brazil, Colombia, Turkey, South Africa, Nigeria, Indonesia and Vietnam) 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.
About US Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States