New Delhi: Japan International Cooperation Agency (JICA) on Wednesday said that it has signed a USD 50 million (Rs 415 crore) loan agreement for a steel plant in Bangladesh. The loan agreement has been signed with BSRM Steels Limited (BSRMSL), JICA said in an official statement.

JICA signed the loan agreement to fund the construction of a steel plant by BSRMSL

JICA signed the loan agreement for private sector investment finance of USD 50 million to fund the construction of a steel plant by BSRMSL in Mirsharai, Chattogram district. The project will be co-financed by the export-import (Exim) Bank of India and Standard Chartered Bank, among other institutions, the statement said.

"I am glad to announce that this is the first co-financing project with India Exim Bank. We look forward to exploring additional joint projects with India Exim Bank in third countries," SAITO Mitsunori, Chief Representative of JICA India, said.

JICA provides assistance in the form of loans, grants, and technical cooperation, to enable the emerging countries to strengthen their capabilities, the agency said in an official statement.

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