China President Xi's India Visit: Chinese lenders ink pacts with SBI, ICICI and Axis Bank

NEW DELHI: Export-Import Bank of China (China Exim Bank) and China Development Bank Corporation (CDB) today signed various agreements with SBI, ICICI Bank BSE 0.00 % and Axis Bank BSE -1.54 % to facilitate trade between the two countries.

SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8 billion for imports of raw material, energy, equipment, mechanical and electronic products, among others from China.

"State Bank of India and The Export Import Bank of China signed a framework agreement for a Line of Credit of $ 1.8 billion to be offered by The Exim Bank of China.

"The Line of Credit will be utilised for projects involving imports of Chinese raw materials, energy, equipment, mechanical and electronic products... any other projects mutually agreed by the two banks," SBI said in a release.

Private lender ICICI Bank signed an agreement with China Exim Bank for $ 1 billion to facilitate short-term and long-term credit lines to ICICI Bank for financing purchase and import of Chinese products and services by its clients.

"The credit lines may also be utilised to support the cooperation between Chinese and Indian enterprises in natural resources, energy exploration and construction contracting projects," ICICI Bank said in a release.

ICICI Bank also signed a MoU with CDB for strengthening commercial and economic ties and setting up a mechanism to facilitate mutual trade and investment opportunities.

"The MoU seeks to reinforce the economic and trade relationship between China and India, and to promote economic development of their respective countries," it added.

Axis Bank signed a MoU with CDB to cater to requirements of Chinese companies operating in India.

"The MoU would help Axis Bank to support its corporate clients by funding them at competitive pricing and also give the bank an opportunity to work closely with Chinese companies in facilitating them in their domestic requirements in India," Axis Bank said in a statement.

State Bank of India

ICICI Bank

Axis Bank