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Japanese bank seeks projects
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Winton Dong
THE Japan Bank for International Co-operation (JBIC) declared in Shenzhen on Monday that it has recently launched a new kind of export loan in the city and would soon start appraising projects recommended by the Shenzhen Municipal Government.
Under the new programme, local borrowers for the first time have an alternative to State-owned Chinese banks.
Projects to be considered -- mainly infrastructure projects such as roads, ports, power plants and others -- will be examined and analyzed by the Japanese bank for economic, technical and environmental merit.
“Those passing the examination will be funded by our bank with long-term loans (10-15 years),” said Yutaka Yoxita, director of the planning division of JBIC.
Unlike some commercial banks such as Sanwa and Fuji, JBIC is totally sponsored by the Japanese Government and offers low-interest loans to developing nations.
“Growing cross-border trade and financial flows have brought about deepening interdependence in the world economy. Our bank envisions greater economic interaction between Japan and China, and will strive for stable development of the two economies and closer, better ties,” said Yoxita during an interview with Shenzhen Daily.
JBIC has been actively involved in the city's infrastructure construction for a long time. The bank is said to have injected altogether 1.4 billion yuan (US$170 million) to the first phase of Yantian Container Terminal and the city's airport renovation project.
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