The pact was signed by the two entities at GIFT City in Gujarat’s capital Gandhinagar on Wednesday, said a release by the HDFC Bank. This agreement will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses, said the release

HDFC Bank on Wednesday announced that it has signed a ”Master Inter Bank Credit Agreement” with the Export-Import Bank of Korea for a USD 300 million line of credit.

The pact was signed by the two entities at GIFT City in Gujarat’s capital Gandhinagar on Wednesday, said a release by the HDFC Bank. This agreement will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses, said the release.

”This line of credit would be utilized by HDFC Bank towards funding requirements of companies having equity participation by Korean companies as well as companies having a business relationship with Korean companies,” it said.

It will also be utilized towards funding requirements of consumers for the purchase of cars manufactured by Korea-related companies, said the release. The pact is likely to promote and increase HDFC Bank’s business with Korean entities and products. The first drawdown under the program would happen by May, said the release.

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