Shizuoka Bank Loan Gets Japan Govt-backed Trade Insurance
Saturday, Feb 04,2012, 5:06:07 PM Click:
Japan's Shizuoka Bank (TSE:8355) has secured government-backed insurance coverage on its loan for a hydroelectric power generation project in Vietnam.
This marks the first trade insurance offered by Nippon Export and Investment Insurance to a regional bank since 2001, when Michinoku Bank (8350) was granted such coverage.
Shizuoka Bank has teamed up with BNP Paribas and Aozora Bank (8304) to extend 7.1 billion yen in a 13-year syndicated loan for construction of the power plant in northern Vietnam. The plant will supply electricity to Japanese companies participating in a bilateral rare-earth development project .
The loan is also backed by the Vietnamese government.
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