ANNOUNCEMENT 31 Jul 2013
On 31 July 2013, the Japan Bank for International Cooperation (JBIC) signed two overseas investment loan agreements with Japanese subsidiaries in Australia.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 31 July 2013, Loan for Acquisition of Interests of Jimblebar Iron Ore Mine in Australia: http://www.jbic.go.jp/en/information/press/press-2013/0731-7548
JBIC information on overseas investment loans: http://www.jbic.go.jp/en/finance/investment
The overseas investment loan agreement between JBIC and Mitsui & Co. Iron Ore Exploration & Mining Pty. Ltd has a maximum value of USD 436 million. The company is an Australian of Japanese Mitsui & Co., Ltd. The overseas investment loan agreement between JBIC and ITOCHU Minerals & Energy of Australia Pty Ltd has a maximum value of AUD 400 million (USD 358.50 million). ITOCHU Minerals & Energy of Australia Pty Ltd is an Australian subsidiary of Japanese ITOCHU Corporation.
The loan finances the Australian subsidiaries' purchase of 7% and 8% of interests, respectively, in the Australian Jimblebar Iron Ore Mine from BHP Iron Ore (Jimblebar) Pty Ltd.
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.