India’s ICICI Bank has received a US$50mn export loan from the Japan Bank for International Co-operation (JBIC) and other Japanese financial institutions.
The facility will be used to finance India’s purchase of Japanese renewable energy equipment in US dollars or Japanese yen, through ICICI.
JBIC, which provided US$30mn, says the credit line will maintain and improve the international competitiveness of Japanese companies as India’s increasing demand for electric power has prompted the government to boost renewable energy production.
“JBIC and ICICI Bank have built up close co-operative ties through loan commitments that are or were designed to support trade finance during the financial crisis, as well as renewable energy and energy efficiency projects,” the Japanese bank adds.
Last Updated July 03, 2012
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