ICICI Bank, a leading private sector bank, today signed a framework agreement with The Export-Import Bank of China for USD 1 billion. Under this agreement, China Exim Bank will consider providing short term and long term credit lines to ICICI Bank for financing purchase and import by the latter's clients of Chinese products and services. The credit lines may also be utilised to support the cooperation between Chinese and Indian enterprises in natural resources, energy exploration and construction contracting projects.  The framework agreement serves as a strengthening of the existing ties between the two Banks.

ICICI Bank and China Exim Bank have successfully partnered in financing projects at multiple locations in India. ICICI Bank also signed 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.

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 Mei Jianping, Deputy General Manager and China Development Bank Corporation by Zhao Xiaoyu, Executive Vice President.

The parties agreed to continue the long term and strategic cooperation by leveraging their respective strengths with a view to provide possible support in promoting trade and investment projects in each other's country. They also agreed to work towards expanding bilateral economic and trade relationships between China and India through joint provision of financial and advisory support for identified opportunities.

Shares of the bank gained Rs 36.25, or 2.37%, to settle at Rs 1,565.35. The total volume of shares traded was 105,967 at the BSE (Thursday).