Hitachi, SMBC ink Mongolia accord

Kyodo

Hitachi Ltd. and Sumitomo Mitsui Banking Corp. revealed Tuesday they have reached a comprehensive accord with the Mongolian Ministry of Energy on power-related projects.

Under the agreement, Hitachi will consider assisting the construction of power transmission lines and generation facilities in Mongolia.

SMBC, the core bank of Sumitomo Mitsui Financial Group Inc., will meanwhile examine possible financing schemes for possible projects through consultations with Hitachi and the ministry.