by Suman Gupta
-
SBI signed a loan agreement of USD 1 billion with Japan Bank for International Cooperation (JBIC), taking the total facility to USD 2 billion, including USD 1 billion which was signed last year in October 2020
-
The virtual signing ceremony event was held in the presence of Mr Dinesh Khara, Chairman (SBI) along with senior executives of SBI, Mr. Hayashi Nobumitsu, Deputy Governor (JBIC) and Mr. Ayukawa Kenichi, CEO & MD (Maruti Suzuki)
-
The loan is in the form of refinance against the funding support provided to the manufacturers, suppliers and dealers of Japanese automobiles in India, whose business activities are recovering from reduced sales of automobiles due to the COVID-19
-
The financing will assist in Government of India’s ‘Make in India’ initiative