JBIC, megabanks extending loans to Petrobras

7/17/2013

JBIC, megabanks extending loans to Petrobras

TOKYO -- Japan Bank for International Cooperation (JBIC) and the nation's three megabanks, including Mizuho Bank, will extend loans worth up to $1.5 billion to Brazilian state-run oil company Petrobras, the Nikkei reported in its edition.

The loans will be provided to help Petrobras purchase products from Japanese companies and their overseas subsidiaries.

JBIC established a new loan scheme in February aimed at helping foreign companies purchase products from Japanese firms' overseas units. The new scheme will be applied for the first time to part of the loans to Petrobras.

The new loan scheme was created in response to calls for help from Japanese companies looking to make their overseas subsidiaries more competitive.

The new loan scheme is expected extended to other foreign companies in the future, primarily to help them buy products from the overseas subsidiaries of Japanese steelmakers and heavy electrical equipment manufacturers.

Dow Jones Newswires

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