Brazilian mining giant Vale said Wednesday that two Japanese financial institutions agreed to finance up to $5 billion of its investment program over the next five years.

Under the agreement, Japan Bank for International Cooperation will offer financing of up to $3 billion for mining, logistics and power generation projects. Nippon Export and Investment Insurance will also loan up to $2 billion for the projects.

Vale did not provide the terms of the loans, but stressed the projects to be financed will meet the eligibility criteria established by the Japanese financial institutions.

The agreements are part of a broader financing package for Vale's capital expenditures program, which already includes a credit facility of 7.3 billion reais ($4.4 billion) from Brazil's National Development Bank, or BNDES.

Vale, short for Companhia Vale do Rio Doce, is one of the world's top three diversified mining companies.