The country's largest lender State Bank of India (SBI) on Wednesday said it has signed a loan agreement amounting to up to $1 billion with Japan Bank for International Cooperation (JBIC).
"$600 Mio will be financed by JBIC and $400 Mio by other participating banks. JBIC will provide a guarantee for the portion co-financed by the participating bank," the bank said in a statement.
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The facility is co-financed by SMBC, MUFG Bank, Mizuho Bank, Shizuoka Bank, and Bank of Yokahama. The loan is intended to promote a smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy, and society.
C Venkat Nageswar, DMD (IBG), SBI said, "The friendship between India and Japan has a long history, rooted in spiritual affinity and strong cultural and civilizational ties. It is a historic occasion for both SBI and JBIC, as for the first time we are entering into an untied loan. This will assist in achieving our Prime Minister’s vision of making India Atmanirbhar."
Masayuki Tanimoto, managing executive officer of JBIC said, "As per one of the surveys, India is the most favoured nation for Japanese Investment and this is one more step towards the strong relationship between Japan and India."
(Edited by : Jomy)
First Published: Oct 28, 2020 5:48 PM IST
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