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On 2 July 2012, the Japan Bank for International Cooperation (JBIC) agreed with ICICI Bank Limited to offer an export credit line to finance renewable energy projects in India.
The credit line amounts to USD 50 million, of which USD 30 million provided by JBIC and the rest by private financial institutions.
The funds can be used to finance the purchase of renewable-energy-related equipment of Japanese manufacture. JBIC reported that 'this credit line will support the export of renewable energy-related equipment by Japanese firms to India, thereby contributing to maintaining and improving the international competitiveness of Japanese industries'.
The JBIC is a public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.
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