The State Bank of India signed a loan agreement amounting to up to one billion US Dollars with the Japan Bank for International Cooperation, a company statement said in Mumbai yesterday. The loan is intended to promote the smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
As part of the agreement, 600 million US Dollars will be financed by JBIC while the remaining amount will be financed by other participating banks. The facility will be co-financed by SMBC, MUFG Bank, Mizuho Bank, Shizuoka Bank and Bank of Yokahama.
On the occasion of signing the agreement, Deputy Managing Director(IBG) of SBI C. Venkat Nageswar said that 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 they are entering into an untied loan for the first time. This will assist in achieving our Prime Minister’s vision of making India Atmanirbhar.
