NIB, SEFL to Design Loan Programme for NIB Member Countries

The Nordic Investment Bank ("NIB") and Srei Equipment Finance Limited ("SEFL"), a leader in construction and mining equipment financing in India, have agreed on a loan programme for financing the acquisition or leasing of industrial equipment designed or produced in the NIB's member countries.

The new loan programme totals EUR 20 million and has a maturity of eight years. The funds from the programme will be used to finance acquisitions and leasing of industrial equipment designed or supplied by equipment manufacturers in NIB's member countries to Indian enterprises.

Devendra Kumar Vyas, CEO, Srei Equipment Finance Limited said that being facilitated by NIB befits their core business model of deriving differentiation from strong OEM, customer and stakeholder relationships. This facility would enable OEMs and customers of the Nordic region to understand the thriving opportunities in the Indian construction equipment market, through Srei, and participate in the growth story. For Srei, it is a win-win situation and the company stands committed with NIB to accomplish its common objectives.

Henrik Normann, NIB President and CEO, said that the construction sector in India has been experiencing significant growth over the past few years, and with it, the demand for equipment leasing has gone up. The loan facility agreed by SEFL and NIB will provide financing and support cooperation between Indian enterprises and Nordic equipment manufacturers. It is pertinent to mention here that as many as eight member countries, namely: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden, together own an international financial institution called NIB, which bank finances private and public projects in and outside the member countries. Interestingly, leading rating agencies Standard & Poor's and Moody's awarded highest possible credit rating to NIB.