ING Bank backs deal
ING Bank of the Netherlands, through its Tokyo Branch, said it had arranged project financing for a US$30 million Sino-Japanese eel farming and processing joint venture in Jiangsu province.
The venture is in co-operation with the International Finance Corporation (IFC).
IFC will be given a 21.4 per cent stake in the venture, with an equity injection of $3 million.
ING Bank Tokyo Branch provided an initial bridging loan of 700 million yen (about HK$52.4 million) for the project.
The eel farming project will be taken up by the IFC as an A loan.
The branch will lead manage the syndication of a further 900 million yen as a B loan among a group of international financial institutions and it will provide interest rate protection.