AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Financial assistance in foreign market
The overseas investment loan agreement between JBIC and the Philippine company Taganito HPAL Nickel Corporation has a maximum value of USD 750.166 million. The Japanese company Sumitomo Metal Mining Co., Ltd, MBAPR Holdings Corporation (a wholly-owned subsidiary of the Japanese company Mitsui & Co., Ltd) and Philippine Nickel Asia Corporation hold equity stakes in Taganito HPAL Nickel Corporation.
The loan finances "a nickel/cobalt mixed sulfide (MS) production project" undertaken by Taganito HPAL Nickel Corporation. This project is estimated to produce approximately 50,000 tonne of nickel/cobalt MS (a specific intermediary product produced in the nickel smelting process) annually. Notably, JBIC again supported this project in February 2013, see related measure.
Overseas investment loans
JBIC provides direct loans named overseas investment loans to Japanese companies, overseas affiliates or joint ventures where Japanese companies hold equity interests and governments or financial institutions partying with such overseas affiliates. Loans support projects in specific sectors or with a specific purpose of interest to Japan. Further information can be found on the Bank’s website under overseas investment 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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