AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The export loan agreements between the Korea Development Bank and JBIC have a co-financed value of JPY 9.4 billion (approx. USD 121 million).
Through the Korea Development Bank, the loan finances Korean Hanjin Shipping Co., Ltd. purchased four 82,100-dwt bulk carriers from Japanese ITOCHU Corporation's Panamanian subsidiary and built by Japanese Tsuneishi Shipbuilding Company Co., Ltd.
In this context, JBIC stated: "Amid the continuing difficulties for structuring ship financing across the world due to the prolonged credit squeeze after the financial crisis, JBIC supported the export of ships built in a domestic shipyard, thereby helping maintain and improve the international competitiveness of the Japanese shipbuilding industry."
JBIC provides direct loans named export loans 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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