SBI signs $1 billion loan agreement with JBIC

The State Bank of India (SBI) has signed a loan agreement of up to $ 1 billion with the Japan Bank for International Cooperation (JBIC). The loan will facilitate the operations of Japanese automakers in India. The funding will help the Indian government’s “Make in India” initiative.

While $600 million will be funded by Jbic, the rest will come from other participating lenders, including Sumitomo Mitsui Banking Corporation, MUFG Bank, Mizuho Bank, Shizuoka Bank, and Bank of Yokohama. JBIC will provide a guarantee for the part co-financed by the participating banks. The loan is intended to promote the fluidity of funds for the overall business operations of Japanese automakers in India.

About SBI:

The bank has the largest network of more than 22,100 branches in India with an ATM / CDM network of more than 58,500 and a total of outlets in British Columbia of more than 62,200. The number of customers using the services Internet banking is about 76 million and mobile banking is just over 17 million.

About JBIC:

JBIC is a policy-oriented financial institution, 100% owned by the Japanese government, with the aim of contributing to the healthy development of Japan, the international economy and society.

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