IDBI Bank has secured a $100 million ECA (export credit agency) line of credit from Germany’s DZ Bank. The $100-million fund, raised through the bank’s Dubai International Finance Centre branch, would be used to fund project imports from 24 Western European nations.
Being meant for project imports, the repayment period is 10 years, or on earlier completion of the project. The money attracts Libor plus 100 basis points and an ECA premium depending upon the country from which the import originates.
Earlier last month, the state-run lender had raised $125 million foreign currency syndicated loan from Singapore to fund the overseas financing needs of domestic corporates. This was part of its $1.5-billion medium term note programme, taking its bond raising to $475 million so far this fiscal.crackcrack
