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Japan to offer funding of ¥200B for foreign infrastructure projects

The Japanese government will offer funding of up to ¥200billion to local banks for supporting overseas infrastructure projectsinvolving Japanese firms, The Nikkeireported July 26.

Japan Bank forInternational Cooperation will administer the funding program onbehalf of the government. The funds, part of a larger economic stimuluspackage, will be paid for through government-backed U.S. dollar bonds. The bondsale is expected to be 20 basis points lower than those issued by privatesector banks.

An additional grant of several hundred billion yen forstate-backed financial institutions is also expected to boost infrastructureexports.

As of July 25, US$1was equivalent to ¥106.07.