State Bank of India and the Export- Import Bank of Korea (Korea Eximbank) have signed a loan agreement for a Line of Credit. Under the agreement, State Bank of India will avail a $200 million revolving Line of Credit from Korea Eximbank. This Line of Credit (‘Interbank Export Loan’) will be utilised by SBI to finance the foreign currency requirements of Indian companies importing goods and services from Korea. Yong Hwan Kim, chairman and president of Korea Eximbank and P. Pradeep Kumar, MD & group executive, Corporate Banking, SBI, signed the agreement. Kumar said against the backdrop of India’s growing demand for capital goods to support growing infrastructure and capital expenditure requirement there is continuous increase in import of equipment and services from Korea and this Line of Credit will help SBI to arrange long term foreign currency funds to support financing needs of Indian corporates importing equipment and technical services from Korea. Kim maintained that the Interbank Export Loan agreement will pave the way for Korean companies to actively interchange and cooperate with Indian companies for India’s medium- and long-term national projects. We will provide the fullest possible financial support to Korean and Indian companies for the successful cooperative partnership.
