Sunday, June 20, 2021
Home > Finance News > SBI signs loan agreement of $1 billion with JBIC, taking total facility to $2 billion

SBI signs loan agreement of $1 billion with JBIC, taking total facility to $2 billion


State Bank of India signed a loan agreement of $1 billion with Japan Bank for International Cooperation (JBIC), taking the total facility to $2 billion, including $1 billion which was signed last year in October 2020.

The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India,

said in a statement.

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.

“Covid 19 crisis has delivered a significant shock to global trade, disrupted production lines and depressed global demand. At a time when people are preferring personal mode of transport, this collaboration between SBI and JBIC will help the bank in extending loan facility to the entire supply chain of Japanese automobile industry including suppliers, dealers and ultimately to the end users,” SBI chairman Dinesh Khara said.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: