Japan to extend credit to Indian importers

Japan to extend credit to Indian importers
PTI
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First Published: Wed, Mar 18 2009. 06 44 PM IST
Updated: Wed, Mar 18 2009. 06 44 PM IST
New Delhi: Indian businesses importing machinery, equipment and services from Japan will get a line of credit through a Rs500 crore arrangement between ICICI Bank and Japan Bank for International Finance Corporation.
The agreement would “help Indian corporates to secure international competitiveness”, a joint statement of the Japan Bank for International Finance Corporation (JBIC) and ICICI Bank said on Wednesday.
The credit for import of equipment and services would also be extended to importers in India’s neighbouring countries, it said.
Recession-hit Japan is seeking trade opportunities in India which has managed to show around 7% growth despite troubles in the global economy.
JBIC is the international wing of Japan Finance Corporation, the country’s policy-based financing institution that helps in promotion of overseas development.
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First Published: Wed, Mar 18 2009. 06 44 PM IST