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BOJ offers to pump $18 billion into green finance scheme -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A man in a mask walks by the Bank of Japan headquarters during the COVID-19 outbreak that erupted in Tokyo, Japan on May 22, 2020.

TOKYO, Reuters – On Thursday the Bank of Japan announced that it would extend loans of $18 billion to financial institutions as part of a pilot auction for a scheme to promote activities against climate change.

In a statement, the central banks stated that loans worth 2.05 trillion yen ($17.94billion) combined will be released on Friday. The loan payments are expected to end in January 2023.

This year, the BOJ introduced a new loan program that offers zero interest loans and can be rolled over to 2030 banks that support green loans.

Other major central bank institutions are also using their financial resources to tackle climate change. In November, the BOJ stated that 43 financial institutions including three megabanks were eligible to tap into this scheme.

($1 = 114.2600 yen)

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