JBIC extends Rs275 crore credit to ICICI Bank for Japanese imports
MDT/PTI 02 July 2012

Under the credit line, medium and long-term credit will be provided through the ICICI Bank to Indian importers purchasing renewable energy equipment manufactured in Japan

 

Mumbai: The Japan Bank for International Cooperation (JBIC) on Monday said it has entered into an agreement with ICICI Bank to extend a credit of over Rs275 crore or about $50 million to finance renewable energy product imports from the Far East nation, reports PTI.

"This will be the first credit line to be offered by JBIC that specialises in supporting export of renewable energy-related equipment," the Mumbai-based bank said in a statement.

The credit facility will be operational for two years, the JBIC country representative Shin Oya told PTI over phone, adding, however, importers will get a longer repayment period of up to 18 years.

The $50 million or around Rs275 crore credit line will be co-financed, with JBIC taking a $30 million share and the rest by the Japanese private financial institutions, it said.

Under the credit line, medium and long-term credit will be provided through the ICICI Bank to Indian importers purchasing renewable energy equipment manufactured in Japan.

The Japanese financial institutions, including JBIC, will extend the credit line to ICICI Bank which will on-lend to Indian importers of the above mentioned products.

The equipment may include products based on solar power, solar thermal energy, wind energy and geothermal energy, the statement said.

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