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NT Bureau
Chennai, Aug 24:

        Japan Bank for International Cooperation (JBIC) and ICICI Bank Ltd yesterday signed an untied loan agreement to promote the Clean Development Mechanism (CDM) in India.

        The loan is aimed at providing finance through ICICI Bank to prospective CDM projects in which Japanese companies show an interest with regard to purchasing emissions reduction credits and obtain a preferred negotiation status for the emissions reduction credits. The loan is co-financed by private financial institutions.

        The loan would amplify the opportunities for Japanese companies to purchase emissions reductions credits and will thereby help Japan achieve its Green House Gas (GHS) Emissions Reduction Target under the Kyoto Protocol. This would also lead to restraining GHS emissions in a rapidly growing India, which would contribute toward the prevention of global warming.

        JBIC and ICICI Bank signed a MoU for cooperation on CDM in May 2006, which brought about close coordination and discussion between the two banks and culminated in signing the loan agreement.