ICICI Bank, India's second largest bank, has entered into an USD 250-million agreement with Export-Import Bank of United States (Exim Bank) to finance capital goods imports of Indian corporates from USA.

The pact, which is an extension of Indian infrastructure facility of Exim Bank, will provide credit support to international banks for financing of capital goods imports by Indian companies.

This latest agreement will particularly benefit companies in sectors such as power, transport, airports, oil & gas and renewable energy.

Apart from this, the Export-Import Bank of the United States plans to expand its India portfolio from the present $3.5 billion to $5 billion in the next two years. The bank has, so far, made a $2.45 billion commitment for infrastructure projects and capital goods purchases in India by doing due-diligence with nine banks.

ICICI Bank stock has lost ground in recent market meltdown and the stock is presently available at attractive valuation. However, the stock may see further downside from current levels if the markets are weak. The stock has broken most of its support levels.
Investors with long term view should consider investing in the stock on every fall.