India, Japan sign deal for export credit of $152 million

(Hindu Business Line, Mumbai, 1 September 2014) The State Bank of India (SBI) and Japan Bank for International Cooperation (JBIC) signed a dual-currency loan agreement of $152 million. “The loan is co-financed with the Bank of Tokyo-Mitsubishi UFJ Ltd amounting to ¥13.5 billion ($131 million) and $21 million approximately. The total co-financing amount came to $152 million,” an SBI official said. This is the third time that SBI has participated with JBIC in a project funding. The bank, in a statement, said this credit line will be utilised by Meja Urja Nigam Pvt Ltd (MUNPL) to finance the procurement of steam turbine generator equipment from Japan’s Toshiba Corporation and its subsidiary in India, Toshiba JSW Power Systems, to construct a super critical pressure coal-fired power plant (660MWx2 units) in Uttar Pradesh.