JBIC provides $100 mn export credit line for ICICI Bank

MUMBAI: The Japan Bank for International Cooperation (JBIC) which constitutes the international wing of Japan Finance Corporation and ICICI Bank Limited acting through its Hong Kong Branch (ICICI Bank) signed an agreement on export credit line totaling up to $100 million, a company statement said here.

This export credit line will be utilised by ICICI Bank to finance importers in India and its neighboring countries when they import machinery, equipment and services from Japan.

"JBIC and ICICI Bank have forged a strategic partnership, in recent years, to finance Japanese and Indian business interests," ICICI Bank (Hong Kong) Executive Director, Sonjoy Chatterjee said.

Through this alliance, lines of credit have been arranged for financing capital expenditure of Indian firms which are supporting investment of Japanese firms in India. ICICI Bank and JBIC have also co-operated to encourage the implementation of Clean Development Mechanism projects in India, Chatterjee said.

JBIC is committed to providing vigorous support for the overseas business development of Japanese firms by assuming credit risks of ICICI Bank and other Indian banks, and Indian firms by providing loans and guarantees, it said.