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On 14 November 2012, the Japan Bank for International Cooperation (JBIC) agreed with Yapi ve Kredi Bankasi A.S. to offer an export credit line for the purchase of Japanese machinery and equipment in the field of renewable energy and climate change mitigation.
The credit line amounts to USD 150 million, of which USD 90 million are provided by JBIC and the rest in the form of buyer's credit insurance by Nippon Export and Investment Insurance (NEXI).
The credit line can be used to extend loans to Turkish local companies to purchase Japanese machinery and equipment in the field of renewable energy and climate change mitigation.
The JBIC reported that this 'credit line will support the export of machinery and in the field of renewable energy and other innovative efforts to Turkey by Japanese companies, thereby contributing to maintaining and improving the international competitiveness of Japanese industries'.
The JBIC is a public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.
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