Breakthrough for US-Indian project and trade financing

US Ex-Im Bank agrees to guarantee local currency loans in a deal brokered by Bank of America.

In a deal noteworthy for its expediency, the US Export Import Bank US Ex-Im has signed a memorandum of understanding with the Industrial Development Bank of India IDBI to provide $300 million of financing guarantees. What makes the deal noteworthy is that for the first time, US Ex-Im will provide rupee guarantees as well as traditional dollar guarantees.

The structure of the deal works as follows Indian borrowers will approach the IDBI for finance to import US goods or...

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