SBI raises $ 1 billion from Japan Bank for International Cooperation

India’s largest lender, SBI, signed a $ 1 billion loan agreement with the Japan Bank for International Cooperation (JBIC), bringing the total facility to $ 2 billion, of which $ 1 billion was signed last year in October 2020.

The loan takes the form of a refinancing against financial support given to Japanese auto manufacturers, suppliers and dealers in India, whose businesses are recovering from declining auto sales due to COVID-19.

The funding will contribute to the Indian government’s “Make in India” initiative, SBI said, adding that the loan is intended to promote a smooth flow of funds for all of Japanese automakers’ business operations in India.

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

On the occasion of the signing of the agreement, Dinesh Khara, President, SBI, said: “The Covid 19 crisis has caused a major shock to global trade, disrupted production chains and depressed global demand. 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. “

Ayukawa, Managing Director and CEO of Maruti Suzuki, said, “Maruti Suzuki strives to balance the environmental friendliness of our vehicles with the needs of our customers. The special support for our environmentally friendly vehicles will accelerate the Suzuki Group environmental initiative. “

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