Mumbai: Country's largest lender State Bank of India (SBI) on Friday said it has signed a line of credit (LoC) of USD 500 million with Export-Import Bank of Korea (Korea Eximbank).
This line will be in addition to (LoC) of USD 200 million signed between the two institutions on January 16, 2014 to support Indian companies importing goods and services from Korea, SBI said in a release.
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.
The entire process was facilitated by SBI's subsidiary, SBI Capital Markets.
"This signing is a step towards further strengthening of Korea-India strategic partnership," SBI Capital Markets Managing Director and CEO Rajnish Kumar said.
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, the release added.
