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Japan banks to back Indonesian geothermal power project

Part of Japan's plan to boost infrastructure exports

TOKYO -- The Japan Bank for International Cooperation and the country's three megabanks will provide financial support for an Indonesian geothermal power plant planned by Sumitomo Corp., as Japan pushes infrastructure exports as a key growth strategy.

JBIC, together with Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp., will offer a syndicated loan with the Asian Development Bank. The sum will total around $440 million, of which JBIC will cover roughly $200 million. Nippon Export and Investment Insurance will insure loans provided by the megabanks.

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