By Makiko Yamazaki

TOKYO, June 19 (Reuters) - Japan Bank for International Cooperation (JBIC) will not proceed with projects under Japan's $550 billion U.S. investment pledge unless repayment is assured, the state-owned lender's new governor said on Friday.

"Projects judged not to have a high certainty of repayment cannot be pursued," Kazuhiko Amakawa said at his inaugural news conference.

Japan made the commitment to invest up to $550 billion in U.S. projects last year in a deal that cut U.S. tariffs on Japanese imports to 15%.

The investment package will comprise equity, loans and loan guarantees from JBIC and Nippon Export and Investment Insurance (NEXI), another state-owned agency.

Under the arrangement with the U.S., available free cash flows from investments will be split evenly between the two countries until a specific allocation is reached, after which 90% will go to the U.S.

Amakawa said Japan and the U.S. have agreed that any projects under the investment package are to be carried out in accordance with respective domestic laws.

The JBIC law "requires both financial soundness and certainty of repayment. Adhering to these is the fundamental premise," he said.

At the same time, he said that projects under the investment scheme could benefit from procedural advantages, including faster regulatory approvals, reflecting direct U.S. government involvement.

Japan has signed a $2.2 billion loan agreement for the first batch of ​projects under the investment ‌pledge.