ICICI Bank secures $1.5bln loan agreements with Chinese lenders

ICBC and China Development bank grant funding to help Indian companies fund imports from China.

India's ICICI Bank Ltd. has signed loan agreements worth $1.5 billion with two Chinese banks, a person familiar with the matter said Wednesday.

Industrial and Commercial Bank of China Ltd. will provide a $1 billion loan to ICICI Bank and China Development Bank another $500 million to help Indian companies fund imports from China, the person said on condition of anonymity, according to a report in Fox Business.

The agreements were signed on the first day of Chinese Premier Wen Jiabao's three-day visit to India to improve political and trade relations between the two countries.