ICICI Bank also signed today a memorandum of understanding (MoU) with China Development Bank Corporation for strengthening commercial and economic ties and setting up a mechanism to facilitate mutual trade and investment opportunities. The MoU seeks to reinforce the economic and trade relationship between China and India, and to promote the economic development of their respective countries.
ICICI Bank had earlier signed a MoU of USD 500 million with China Development Bank in December 2010. Simultaneously, lines of credit were established between the two banks in support of Chinese equipment imports to projects in India as well as other linkages of interest to both their countries. The two banks are further collaborating to jointly support and promote projects having significant scope for furthering economic development of the two countries.
At the signing ceremonies, ICICI Bank was represented by Mr. Murali Ramakrishnan, Chief Executive of Hong Kong branch and Regional Head for the Bank’s North Asia, Sri Lanka, Middle East and Africa operations. The China EXIM Bank was represented by Mr. Mei Jianping, Deputy General Manager and China Development Bank Corporation by Mr. Zhao Xiaoyu, Executive Vice President.