Tokyo, April 24 (Jiji Press)–Japan’s three megabanks and the government-backed Japan Bank for International Cooperation plan to provide 250 billion yen, or about 1.5 billion dollars, in loans for the first round of projects in the United States under the Japan-U.S. tariff agreement, it was learned Friday. They are expected to invest additional funds in stages later on, according to informed sources. The first-round projects are the construction of a gas-fired thermal power plant in Ohio, the development of crude oil export facilities and the production of synthetic diamonds. The total value of the three projects is expected to reach 36 billion dollars. One-third of the planned loans will be provided by JBIC and two-thirds by the megabanks–MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank. Loans by the three banks will be guaranteed by state-backed Nippon Export and Investment Insurance, or NEXI. In exchange for lower U.S. tariffs, Japan has pledged to provide up to 550 billion dollars in loans and investments to the United States. In March, the second round of projects under the pledge was announced, including next-generation nuclear and natural gas-fired power plant projects. END [Copyright The Jiji Press, Ltd.]
Japan’s 3 Megabanks, JBIC to Provide 250 B. Yen for U.S. Projects
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