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Japan's JBIC will provide loans of up to $800 million for Russian ports' infrastructure

September 03, 2015, 17:36 UTC+3 VLADIVOSTOK
Senior Managing Director at the Japan Bank for International Cooperation stressed that it would be a loan rather than investment
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The port of Nakhodka

The port of Nakhodka

© ITAR-TASS/Alexander Semyonov

VLADIVOSTOK, September 3. / TASS/ Japan Bank for International Cooperation (JBIC) will provide a credit line for infrastructure development of ports of Nakhodka and Vostochniy in the amount of $700-800 mln, said Tadashi Maeda, Senior Managing Director at the Japan Bank for International Cooperation (JBIC) who spoke with TASS at the Eastern Economic Forum.

"This is not an investment project, this is a loan, a series of loans through the credit line we have with four major banks in Russia - VTB, VEB, Gazprombank and Sberbank," he said. "This is not a large sum, $700-800 mln," Maeda added. According to him, the decision on the credit line for the Vostochniy port has already been made, while the Nakhodka port loan is still under discussion.

Maeda also said that Japan is making its decision based on the fact that the quality infrastructure will be used over the years. In addition, he said that "there will not be any direct influence" by the weakening ruble on the implementation of investment projects by Russia's foreign partners. "The exchange rate is constantly changing," said Maeda.

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