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IDBI, ICICI seek $300 mn from Japan Exim Bank
PRESS TRUST OF INDIA
New Delhi, Dec 28: Premier financial institutions, Industrial Development Bank of India (IDBI) and Industrial Credit and Investment Corporation of India (ICICI) have approached the Japanese Export and Import Bank (J-Exim) for fresh loan of about $300 million.Disbursement of these loans is possible only after April next year after the proposals aimed at financing infrastructure projects and Indo-Japanese joint ventures are processed, J-Exim Bank south asian chief representative Masahito Ikeda said. ``IDBI has asked for $150 million loan for financing private infrastructure projects under the private financing scheme, while the ICICI has sought a loan of $100 to 150 million under the Indo-Japanese joint venture scheme,'' Ikeda said. If approved it would be the eighth loan to IDBI, while ICICI has also availed credit from the Japanese multilateral lending agency which is increasingly spreading its finances in semi-commercial funding through ``tied and untied loans''. Explaining the delay in consideration of
two proposals, Indian representative of J-Exim Bank, T Nishitani said, ``annual allocation for the year 1997 have already been exhausted.'' Apart from this, the Indian government has already consumed its ceilings on external commercial borrowings (ECB) due to which the bank would be able to consider the proposal only in April 1998, he said.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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