Japan's state-backed lender, top banks to provide $1.6bn for US projects

MUFG Bank, SMBC and Mizuho Bank to join loans for first round under $550bn pledge

Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump in March announced the outline of the second round of Japan's investment plan in Washington. © Reuters

TOKYO -- The Japan Bank for International Cooperation and Japan's three largest banks will provide initial financing of about 250 billion yen (approximately $1.6 billion), with more to follow, for the first round of U.S. investments under the bilateral tariff deal reached last year.