AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 17 July 2013, the Japan Bank for International Cooperation (JBIC) agreed with the State-owned Petróleo Brasileiro S.A. to two export credit lines for the purchase of services and equipment. The credit lines amount to USD 1.5 billion, of which USD 900 million provided by JBIC and the rest by Mitzuho Corporate Bank Ltd. and other private institutions.
The funds shall be used to purchase services and/or equipment from Japanese companies. This measure disadvantages other suppliers that might compete or have competed for the contracts in question.
JBIC stated that 'supporting Japanese companies through the credit lines will contribute to maintaining and improving the international competitiveness of Japanese industries, as well as strengthening the economic relationship between the two countries'.
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