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Credit Line for ICICI Bank under GREEN Operations
Supporting Renewable Energy and Energy Efficiency Projects in India

  • Region: Asia
  • Infrastructures
  • Environment
  • Untied Loans
  • Guarantees
NR/2012-150
March 27, 2013
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today an untied loan agreement for offering a credit line amounting up to 90 million U.S. dollars (of which JBIC's portion is 45 million U.S. dollars) with ICICI Bank Limited (ICICI Bank), the largest private bank in terms of assets and incorporated in India. The credit line is co-financed with Sumitomo Mitsui Banking Corporation (SMBC; lead arranger) with JBIC providing a partial guarantee for the cofinanced portion.
     
  2. This credit line is extended under GREEN operations*1 to finance environment-related projects focusing on renewable energy and energy efficiency in India, and is thus expected to contribute to the promotion of greenhouse gas (GHG) emission reduction. This follows up the similar JBIC loans signed in March 2011 and February 2012 with ICICI Bank in support of its financing of environment-related projects*2.  
     
  3. The Government of India has pledged to reduce greenhouse gas emissions by 20~25% per unit of GDP below its 2005 level by the year 2020. Further, under the medium and long-term environment policy, National Action Plan on Climate Change (NAPCC), the government is carrying out a variety of activities. Under these circumstances, JBIC's loan is expected not only to help reduce GHG emission in India, but also to promote the Indian government's environmental policy.  
     
  4. To this day, JBIC and ICICI Bank have built up close cooperation ties through loan commitments that were designed to support the development of the local industry which is significant for the Japanese firms operating business in India, trade finance, renewable energy and energy efficiency projects, and export of thermal power plant facilities from Japan to India. By supporting the environmental sector, the credit line will further strengthen relations between the two institutions.  
     
  5. JBIC will continue to support global environmental preservation efforts in cooperation with such overseas local financial institutions, by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function. 
Note
  1. *1 See Information on April 27, 2010. 
  2. *2 See Press Releases on April 1, 2011and February 3, 2012. 

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