ICICI Bank signs $300 mn loan deal with Japan banks

Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corp (SMBC) completed a $300 million loan deal for ICICI Bank, JBIC said in a statement on Friday.

JBIC is providing $180 million, while SMBC and Bank of Tokyo-Mitsubishi UFJ are funding $120 million. The commercial portion is guaranteed by JBIC, it said.

JBIC and SMBC were the arrangers to the deal.

The funds will be used to support renewable energy and energy efficiency projects in India.

In March 2011, the borrower got 15.3 billion yen loan and a $200 million loan from Japan.

Source: Business Standard