AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The buyer’s credit loan agreement between JBIC and Russian OJSC PhosAgro-Cherepovets has a maximum value of USD 264 million. Additionally, the loan is co-financed by a number of private financial institutions amounting to USD 440 million. The governmental agency Nippon Export and Investment Insurance will provide an Export Credit Insurance for the co-financed portion. The loan finances the purchase of an ammonia production plant facility from the Japanese companies Sojitz Corporation and Mitsubishi Heavy Industries, Ltd.
In this context, JBIC stated that: "JBIC's support for the export of an ammonia production plant with this loan will lead to the creation of business opportunities for Japanese companies in petrochemical and fertilizer business in Russia, thereby contributing to maintaining and improving the international competitiveness of Japanese industries."
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 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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