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JBIC, SMBC set up syndicated loan worth 800 million yen for Palau undersea cable project

  • January 14, 2021
  • , Nikkei , p. 9
  • JMH Translation

The Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) have set up a syndicated loan for Palau’s undersea cable project. The two will finance a total of $8 million (about 800 million yen) on a 50-50 basis. SMBC’s lending will be wholly insured by Nippon Export and Investment Insurance (NEXI).

 

The cable project is a joint undertaking between Japan, the U.S., and Australia based on their economic partnership and is aimed at deepening ties with Palau, which is of geographical importance.

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