AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 3 February 2011, the Japan Bank for International Cooperation (JBIC) signed four buyer credit agreements with Panamanian Panavenflot Corp. The loans amount to JPY 4.9 billion (approx. USD 60 million) each and finances the company's purchase of four 104,300-DWT Aframax Crude Oil Carriers from Japanese ITOCHU Corporation.
In this context the Bank stated: 'These loans will support the export of ships built by a domestic shipyard, thereby helping maintain and improve the international competitiveness of Japanese shipbuilders. '
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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