New Delhi, May 6 : Japan Bank for Internal Cooperation (JBIC) has signed an agreement with the ICICI Bank for promoting Clean Development Mechanism (CDM) projects in the Kyoto Merchanisms.
The agreement was signed yesterday between the JBIC Governor Kyosuke Shinozawa and ICICI CMD K V Kamat.
It aims at promoting CDM-related projects in India through JBIC financing and support aquisition by Japanese firms of greenhouse gas (GHG) emission reduction credits generated from other such projects.
The agreement provides for exchange of information on prospective CDM projects in India, Japan Carbon Finance Ltd (JCF) and other interested Japanese firms.
In Asia, including India, many CDM projects are expected to be undertaken in the coming years.
JBIC is a policy-based financing institution headquartered in Tokyo with 29 representative offices across the world.