JOC Staff | Feb 08, 2013 1:48PM EST
Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States, recently signed a $500 million memorandum of understanding with ICICI Bank, India’s largest private sector bank, pledging cooperation on financing projects beneficial to both India and the U.S., while he was on a business development mission in India.
Up to $500 million in new transactions could be financed as a result of the initiative. The agreement will support the financing of U.S. goods and services by ICICI Bank’s customers, especially 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.