The State Bank of India (SBI) has signed a US$500mn line of credit with the Korean Export-Import Bank (Kexim).

The new line of credit was facilitated by the state-run lender’s subsidiary SBI Capital Markets.

Rajnish Kumar, managing director and CEO of SBI Capital Markets, says to GTR: “This signing is a step towards further strengthening of a Korea-India strategic partnership.”

“The line of credit can be utilised to finance SBI’s clients in India and its neighbouring countries,” a bank statement reads.

C Venkat Nageswar, SBI’s regional head, East Asia, and Young Whan Sul, a member of Korea Eximbank’s board of directors, signed the agreement in Seoul.

Earlier this year, SBI and Korea Eximbank signed a US$200mn line of credit to support Indian businesses importing goods and services from Korea.