Japan finances South African port project

The Japan Bank for International Cooperation signed an untied loan agreement totaling up to $357 million to finance South Africa’s project to expand the Port of Durban. The loan agreement was signed on March 26 between JBIC and Transnet, South Africa’s wholly state-owned freight rail, ports and pipeline company, the Japanese government-affiliated bank said. Three major Japanese commercial banks co-financed the loan: the Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. JBIC provided guarantees for the three commercial banks’ portion of the loan.