ICICI Bank, JBIC in Rs 820 Crore pact

New Delhi, Aug 22 (UNI) ICICI Bank Ltd today signed an untied loan (not specific to any sector) agreement totalling Rs 820 Crore with Japan Bank for International Cooperation (JBIC) for reducing greenhouse gas emissions and promoting clean development mechanism (CDM) projects in the country.

The agreement was signed by JBIC Governor Kyosuke Shinozawa and ICICI Bank Ltd CMD and CEO K Vaman Kamath.

''The purpose of the loan is to fund Indian corporates for promoting the CDM in India, to reduce greenhouse gas emissions and to contribute toward prevention of global warming,'' said a company statement.

The agreement will finance CDM related projects in India and support acquisition of greenhouse gas emission credits generated from such projects.

CDM, one of the components of the Kyoto Mechanisms, allows industrialised countries to undertake joint projects with developing countries and use the amount of emissions reduction credits, called Certified Emission Reductions, generated from such projects to meet their own emissions reduction target.

UNI