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ECONOMY > Economic Policy

JBIC to lend 320 billion yen to Nippon Steel

  • March 17, 2020
  • , Nikkei , p. 5
  • JMH Translation

Japan Bank of International Cooperation (JBIC) will extend a loan of approximately $3 billion (about 320 billion yen) to Nippon Steel around the end of March. The JBIC will take advantage of the system established as part of economic measures covered by the 2019 supplementary budget that allows utilizing the government’s foreign currency from the foreign exchange fund’s special account for a private company’s business development. Nippon Steel will use the fund for a joint venture project in India in which the company is partnered with Arcelor Mittal, the leading global steel producer.

 

Private-sector banks will also participate in the financing, making the total loan amount at $5 billion. MUFG bank will provide $1 billion, Mizuho Bank and Sumitomo Mitsui Banking Corporation will contribute about $470 million each, and Sumitomo Mitsui Trust Bank about $70 million. (Abridged)

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