Country’s largest lender State Bank of India (SBI) signed a line of credit (LoC) of $500 million with Export-Import Bank of Korea ( Korea Eximbank).
This line will be in addition to (LoC) of $200 million signed between the two institutions on January 16, 2014 to support Indian companies importing goods and services from Korea.
The agreement was signed between SBI’s regional head (East Asia), C Venkat Nageswar and Korea Eximbank’s member of Board of Directors, Young Whan Sul, at Seoul. This signing is a step towards further strengthening of Korea-India strategic partnership.
The LoC can be utilised to finance SBI’s clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies.Source Economic Times