ANNOUNCEMENT 10 Sep 2012
On 10 September 2012, the Japan Bank for International Cooperation (JBIC) signed a buyer's credit loan agreement with Acerinox, S.A. to finance the purchase of a cold reversing rolling mill (SENDZIMIR TYPE) from Japanese manufacturers and exporter.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 10 September 2012, Buyer's Credit for Manufacturing Project of Stainless Steel Cold Reversing Rolling Mill (SENDZIMIR TYPE) in Malaysia: http://www.jbic.go.jp/en/information/press/press-2012/0910-7444
JBIC information on export loans: http://www.jbic.go.jp/en/finance/export
The buyer’s credit loan agreement between JBIC and Spanish Acerinox, S.A. has a maximum value of EUR 19 million (USD 24.24 million). Furthermore, the Governmental Nippon Export and Investment Insurance of Japan provides a Buyer's Credit Insurance for the portion cofinanced by a Japanese financial institution having an approximate total value of EUR 37 million (USD 47.20 million).
The loan finances the Spanish company's purchase of cold reversing rolling mill manufactured by the Japanese companies Mitsubishi-Hitachi Metals Machinery, Inc. and Hitachi, Ltd, exported by Japanese Sojitz Corporation. The cold reversing rolling mill will be utilised in a stainless cold rolling plant in Johor, Malaysia.
In this context, JBIC stated: "... the loan will contribute to maintaining and improving the international competitiveness of the Japanese steel-making facilities industry, as well as to leading to the expansion of future export opportunities"
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.