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On 30 September 2010, the Japan Bank for International Cooperation (JBIC) signed two buyer's credit loan agreements, each totalling approximately USD 116 million, with Singaporean Mark V Shipping Pte. Ltd.
The loan will finance the company's purchase of two Roll-on/Roll-off vessels from Japanese Mitsubishi Heavy Industries, Ltd.
In this context the Bank stated: 'The loans provided by JBIC will lead to funding for the export of Japanese ships, thereby helping Japanese shipbuilders maintain and improve their international competitiveness.'
JBIC signed a similar buyer's credit agreements with a Maltese company on the same day also facilitating exports of two Roll-on/Roll-off vessels from Japanese Mitsubishi Heavy Industries, Ltd. See related measure.
Buyer's credit agreements
JBIC provides direct loans named buyer's credit to overseas importers. Loans are obtained if it finances the purchase of Japanese machinery, equipment or technology in specific eligible sectors. The Bank hereto stated that these loans are intended to 'positively contribute to Japanese companies'. Further information can be found on the Bank's website under export loans.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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