SBI Raises $ 1 Billion Loan From JBIC To Help Japanese Auto Makers Affected By Covid In India

MUMBAI: the largest lender in the country SBI said on Wednesday that it had raised an additional loan of $ 1 billion (around Rs 7,350 crore) from Bank of Japan for International Cooperation (JBIC) to help Japanese automakers affected by Covid in India.
In October 2020, SBI had signed an agreement to raise a $ 1 billion loan and the latest borrowing brings the total amount of loans raised from JBIC to $ 2 billion, SBI said in a statement.
The loan takes the form of a refinancing against financial support given to Japanese car manufacturers, suppliers and dealers in India, whose business operations are recovering from declining sales due to Covid-19, he said. .
It is intended to promote a smooth flow of funds for all of Japanese automakers’ business operations in India, the statement said.
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, he said.
“At a time when people prefer personal mode of transportation, this collaboration between SBI and JBIC will help the bank to extend the loan facility to the entire supply chain of the Japanese auto industry, including suppliers. , dealers and ultimately end users, ”said the SBI Chair. Dinesh Khara noted.
A large number of Japanese companies dominate the Indian automotive sector, including Maruti Suzuki, Toyota Kirloskar and Honda.
A virtual signing ceremony for the agreement was held in the presence of Khara, senior SBI leaders, JBIC Deputy Governor Hayashi Nobumitsu, and Maruti Suzuki Managing Director and Managing Director Ayukawa Kenichi, a he indicated.
The funding will also contribute to the “Make in India” initiative, the statement said.

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