NEW YORK, NY and PANAMA CITY--(MARKET WIRE)--Dec 10, 2008 -- Mizuho Corporate Bank, Ltd. ("Mizuho") today announced that it served as exclusive financial advisor to the Panama Canal Authority's ("ACP") recently closed $2.3B financing agreement for the $5.25B Panama Canal Expansion Program. The financing was provided by a geographically diverse group of multilateral development agencies, including the European Investment Bank, the Corporacion Andina de Fomento, the Japan Bank for International Cooperation, the Inter-American Development Bank and the International Finance Corporation.

As a full-scope financial advisor, Mizuho facilitated the ACP's approach to the financial markets by assisting in the development of the optimal financing structure for the deal and helping to secure a prospective A2 rating from Moody's for the financing. Mizuho worked closely with the ACP during its negotiations with the international development agencies, resulting in favorable terms and conditions. This enabled the ACP to successfully raise the $2.3B required capital for the expansion, despite extremely difficult loan market conditions.

Mitsuhiro Nagahama, Managing Executive Officer and Head of the Americas for Mizuho, commented, "The success of this project is vital to the long-term economic growth prospects of both Panama and the overall global economy, and we are extremely proud that Mizuho served as a strategic advisor to the ACP in helping to finance and structure the deal."

"We are very pleased with the excellent work of Mizuho Corporate Bank, Ltd," stated ACP Administrator/CEO Alberto Alemán Zubieta. "They worked closely with us on our strategy and approach with the financial markets and have helped the Canal secure a prospective A2 rating from Moody's. They also provided us counsel during our negotiations with multilateral development agencies and despite the global financial uncertainty, we were able to secure financing for the historic expansion of the Panama Canal."

The Panama Canal Expansion Program will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships. The construction of the Canal expansion is proceeding as planned since ground-breaking began in September 2007. The project is expected to be completed in 2014, in order to coincide with the 100th anniversary of the original commissioning of the Panama Canal.

About Mizuho Corporate Bank

Mizuho Corporate Bank, Ltd. provides financial and strategic solutions for the increasingly diverse and sophisticated needs of clients, focusing its efforts on serving major corporations, financial institutions, and public sector entities. A relationship management approach to serving clients enables Mizuho Corporate Bank, Ltd., together with affiliates such as Mizuho Securities Co. Ltd., to develop customized solutions in areas such as corporate, structured and project finance, investment banking, transaction banking and risk management. With offices in more than 27 countries, Mizuho Corporate Bank, Ltd. offers clients both localized service and the extensive reach of a global business network. Mizuho Corporate Bank, Ltd. is a subsidiary of the Japan-based Mizuho Financial Group, Inc. (NYSE:MFG - News), one of the largest financial services companies in the world, with total assets of approximately US$1.5 trillion, as of September 30, 2008.

     For further information, contact:
     Patrick Phalon
     Corporate Communications
     Mizuho Corporate Bank
     212-282-3867
     Email Contact