Petrobras, Peru Get Japanese Funds

Following the recent IMF meetings in Tokyo, Petrobras has come away with up to $1bn in funding from the Japan Bank for International Cooperation (JBIC), and Peru’s government has agreed to receive loans totaling $156m from the Japan International Cooperation Agency. Brazil’s state-controlled oil company is to receive up to $1bn for energy projects, it says, with up to $600m coming directly from JBIC and up to $400m lent by Bank of Toyko-Mitsubishi with partial JBIC guarantees. Petrobras claims the agreement will represent JBIC’s largest energy efficiency financing to date, and is a first for Petrobras in terms of a large contract for a project of this sort. A spokesperson was unable to provide additional details. Separately, Peru has agreed to a $100m-equivalent loan supporting renewable energy, and a $56m-equivalent loan destined to help fund solid waste management, according to the government. Funds will pass through Peruvian development bank Cofide, with an eye toward benefitting environmental protection. Further transaction details were not disclosed, and the government declines to comment.