Citi participates in USD4.6 billion loan to boost US-Japan partnership

(AWP Alliance News) - Citigroup Inc on Friday said it is taking part in an energy infrastructure funding programme to strengthen ties between the US and Japan.

The New York-based universal bank acted as a lender and agent for a USD4.6 billion syndicated loan facility extended to US companies and backed by the state-owned Japan Bank for International Cooperation.

Specifically, the funds are going to Japan Invest 4 LLC and Japan Invest 5 LLC, both of which were set up by the JIBC, with the intention of funding gas-fuelled power generation projects in Pennsylvania and Texas. From the private sector, Nippon Export & Investment Insurance, or NEXI, is also providing funds.

According to Citi, the transaction will support the first investment under a second set of projects advanced through a memorandum of understanding which the US and Japanese governments disclosed in September.

The lender added that the projects will offer infrastructure for data centres and other artificial intelligence-related sectors.

"Furthermore, the development of this infrastructure through collaboration between Japanese and US companies is expected to strengthen supply chain resilience in critical infrastructure sectors across both countries," Citi noted.

Shahmir Khaliq, Citi's head of Services, commented: "We are immensely proud to support JBIC and NEXI in this important transaction. Citi's global network, combined with the capabilities of our Public Sector Banking, Export & Agency Finance, and Loan Agency teams, positions us to support complex financing transactions involving public sector institutions and private capital across markets.

"This transaction reflects our commitment to facilitating strategic investment and fostering economic growth in both Japan and the United States."

Citi shares closed up 0.8% to USD138.73 in New York on Thursday and lost 0.1% to USD138.60 in the after-hours session.

By Holly Munks, Alliance News reporter

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