LONDON (PTI): The Australia and New Zealand banking group limited (ANZ Bank) has received a 25 million U.S, dollar guarantee facility from U.S Exim bank for the bank’s exclusive use in India.
The facility will be used 10 support Indian purchases of US capital goods with financing up to five years. Financing under the line will be arranged by ANZ Grindlays bank, a subsidiary of ANZ bank in India, in conjunction with ANZ hank’s New York branch.
It said the line is the first approved by Exim bank for a foreign based bank operating in India.
Under the terms of the Exim bank line, ANZ Gridnlays bank may make five year loans to Indian companies covering up 10 85% of the value of purchases from US exporters as per Exim bank’s standard guidelines.
Article extracted from this publication >> May 28, 1993
