SBI: SBI and JBIC have a $ 1 billion contract to refinance a loan to a Japanese car company in India

Kolkata: State Bank of India has signed a $ 1 billion loan agreement Japan Japan Bank for International Cooperation (JBIC), Raise the entire facility to $ 2 billion. A $ 1 billion similar facility was signed in October 2020.

This loan is intended to facilitate the smooth flow of funds in the full range. business Japanese car maker’s business in India,

Said in a statement.

“The Covid 19 crisis has had a profound impact on world trade, disrupting production lines and pushing down global demand. In an era when people prefer personal transportation, this collaboration between SBI and JBIC is a bank. Will help extend the credit line to the entire supply chain of the Japanese automotive industry, including suppliers, dealers and ultimately end users, said Dineshkara.

The loan is in the form of a refinancing of financial assistance provided to Indian Japanese automakers, suppliers and dealers whose business activity is recovering from the decline in sales due to Covid-19.