Exim Bank, JBIC sign $100 mn loan agreement to support healthcare sector

Export-Import Bank of India (Exim Bank) on Monday said it has signed a USD 100 million loan agreement with Japan Bank for International Cooperation (JBIC), along with three Japanese private financial institutions -- MUFG Bank Ltd, Bank of Kyoto Ltd and Hachijuni Bank Ltd -- aimed at supporting the Indian healthcare sector for combating COVID-19.

The agreement was signed on Monday on the sidelines of the Quad Leaders' Summit, Exim Bank said in a release.

"The purpose of this facility is to support the Indian healthcare sector related to combating COVID-19, including but not limited to vaccine manufacturers, pharmaceutical companies, manufacturers of personal protective equipment, medical oxygen or other medical devices, hospitals, and other related activities," it said.

The development finance institution has been supporting the healthcare sector and all the segments in the pharmaceutical value chain.

Apart from supporting domestic expansion projects of the companies in these sectors, the bank has also supported the overseas endeavours of various Indian companies in the healthcare sector, pharmaceutical companies, and biosimilar/ biopharma (including life sciences) companies, among others.

Additionally, it has been supporting research and development, new product development and other related areas, it added.