India’s largest lender State Bank of India (SBI) has signed a loan agreement worth $1 billion with Japan Bank for International Cooperation (JBIC). The facility is co-financed by SMBC, MUFG Bank, Mizuho Bank, Shizuoka Bank and Bank of Yokahama. The loan is intended to provide funds for the manufacturers, suppliers and dealers of Japanese automobile manufacturers in India. JBIC will provide a guarantee for the portion co-financed by the participating Bank. 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.
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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).