ANNOUNCEMENT 28 Mar 2014
On 28 March 2014, the Japan Bank for International Cooperation (JBIC) signed buyer's credit agreement with Yilport Holding A. S. to finance the purchase of port container cranes from a Japanese company.
NUMBER OF INTERVENTIONS
The Japan Bank for International Cooperation, press release of 28 March 2014, Buyer's Credit for Yilport Holding A.S. in Turkey: http://www.jbic.go.jp/en/information/press/press-2013/0328-19709
JBIC information on export loans: http://www.jbic.go.jp/en/finance/export
The buyer's credit agreement between JBIC and Turkish Yilport Holding A. S. has a total maximum value of JPY 3.6 billion (USD 35.01 million). Additionally, the loan is co-financed by a private financial institution amounting to JPY 6 billion (USD 58.35 million). The governmental agency Nippon Export and Investment Insurance will provide a Buyer's Credit Insurance for the co-financed portion.
The loan finances the Turkish company's purchase of 18 port container cranes from Japanese Mitsui Engineering & Shipbuilding Co., Ltd.
In this context, JBIC stated: "Through supporting the export of port container cranes by a Japanese company, this loan will contribute to maintaining and improving the international competitiveness of Japanese industries, as well as the improvement of Turkey's port infrastructure."
Buyer's credit agreements
JBIC provides direct loans named export credit lines 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.