Japanese banks have opened a united credit line worth US$90mn with the State Bank of India (SBI).

The Japan Bank for International Co-operation (JBIC) will pick up half the tab, with the Bank of Tokyo-Mitsubishi UFJ (BTMU; lead arranger) and Sumitomo Mitsui Banking Corporation (SMBC) co-financing the remainder. JBIC will provide a partial guarantee for the commercial portion.

The debt will be used to finance green projects in India, as the government seeks to reduce its greenhouse gas emissions by at least 20% by 2020.