"JICA Inks USD 50 Million Loan Agreement for Bangladesh Steel Plant"

The Japan International Cooperation Agency (JICA) has taken a significant step towards bolstering the steel industry in Bangladesh. On Wednesday, JICA officially announced the signing of a USD 50 million (approximately Rs. 415 crore) loan agreement with BSRM Steels Limited (BSRMSL) to support the establishment of a steel plant in Mirsharai, Chattogram district.

This private sector investment finance deal marks a milestone in collaboration between JICA and India Exim Bank, as the project is set to receive co-financing from the Export-Import (Exim) Bank of India, as well as Standard Chartered Bank and other financial institutions.

SAITO Mitsunori, Chief Representative of JICA India, expressed his satisfaction with the new venture, stating, "I am glad to announce that this is the first co-financing project with India Exim Bank. We look forward to exploring additional joint projects with India Exim Bank in third countries."

JICA's involvement in the project underscores its commitment to aiding developing nations by providing financial support in the form of loans, grants, and technical cooperation, ultimately enabling them to enhance their capabilities and infrastructure.

ET