Question : NTPC has recently entered into foreign currency loan agreement with the JBIC.Which of the following statement is incorrect regarding this agreement ?
(a) loan amount is approximately USD 482 million
(b) JBIC stands for — Jordan Bank for International Co-operation
(c) JBIC provided 60% of the facility amount and rest facility amount is provided by commercial banks under JBIC guarantee
(d) This facility is extended under GREEN initiative
Answer (b)
Related facts
- NTPC has recently(October 2020) entered into foreign currency loan agreement with the JBIC.
GREEN initiative
- GREEN stands for — Global action for Reconciling Economic growth and Environment preservation.
- It is an JBIC’s initiative.
- USD 482 million facility is extended under this initiative.
- The loan proceeds shall be utilized by the Company for funding its capex for Flue Gas Desulphurization (FGD) & Renewable Energy projects.
- This is the first loan for NTPC under JBIC’s GREEN operations in India.
JBIC
- Japan Bank for International Co-operation is a Japanese Government policy-based financial institution.
By — Pankaj Pandey.
Link:
https://www.ntpc.co.in/en/media/press-releases/details/ntpc-ties-jpy-50-billion-funding-jbic