The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, “Korea Eximbank”) announced on January 13 that it signed an agreement to increase the Credit Line of the Interbank Credit Facility established with State Bank of India(SBI).

Korea Eximbank Chairman Lee Duk-Hoon met with SBI Chairman Arundhati Bhattacharya and signed the agreement in New Dehli, India.

With the newly signed agreement, the amount of the credit line increased from the existing USD 700 million to USD 1 billion.

Hence, it is expected that the scope of cooperation between the two banks will be wider on medium-and long-term projects in India, such as those in the plant and infrastructure industry.

A Korea Eximbank official said, "The agreement we signed this round would support Korean companies in their foreign direct investment and business in India by channeling funds to subsidiaries of Korean companies in India and local companies which import goods and services from Korea."

The Interbank Credit Facility Program is a finance package offered by Korea Eximbank with a competitive rate to foreign banks in the form of credit line that can be utilized for loans by local companies which trade with Korean companies.

SBI is the largest state owned commercial bank in India which provides services such as commercial banking, funding to government-related projects, etc. through its extensive networks in India and abroad.

Meanwhile, having decided to establish a branch in Seoul to provide financial services to Indian companies operating in Korea, SBI held the opening ceremony for its Seoul branch on the same day and officially began its business in Korea.