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JNPT signs ECB Agreement worth $400 Million with SBI and Development Bank of Singapore

India’s premier container port, Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai has signed 400 Million US Dollar agreement with State Bank of India (SBI) and Development Bank of Singapore (DBS) for External Commercial Borrowing (ECB). 
•    The agreement was signed by JNPT officials in the presence of the Union Minister for Shipping, Road Transport & Highways Nitin Gadkari in Mumbai, Maharashtra.
•    With this ECB Agreement, JNPT becomes the first major port in the country to take loans in dollars to improve the infrastructure. 
•    The ECB of 400 Million dollars will be primarily utilised for expansion of JNPT’s existing road network connecting to its port project. 
•    It will help JNPT to double its existing capacity. JNPT was able to take loans in dollars as it has US dollar denominated foreign currency earnings which can be leveraged for a low cost foreign currency borrowing.