External commercial borrowing
External Commercial Borrowings (ECB) are defined to include :
- Commercial bank loans
- Buyer’s credit
- Supplier’s credit,
- Securitized instruments such as floating rate notes, fixed rate bonds etc.
- Credit from official export credit agencies
- Commercial borrowings from the private sector window of multilateral financial institutions such as IFC, ADB, AFIC, CDC etc. and
- Investment by Foreign Institutional Investors (FIIs) in dedicated debt funds
Applicants will be free to raise ECB from any internationally recognised source like banks, export credit agencies, suppliers of equipment, foreign collaborations, foreign equity - holders, international capital markets etc. Offers from unrecognized sources will not be entertained.