ANNOUNCEMENT 29 Mar 2013In March 2013, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 29 March 2013, the Japan Bank for International Cooperation (JBIC) agreed with T. Garanti Bankasi A. S. (Garanti Bank) to offer an export credit line to finance Japanese exports to Turkey and its neighboring countries.
The credit line amounts to USD 500 million, of which 300 million are provided by JBIC and the rest in form of buyer's credit insurance by Nippon Export and Investment Insurance (NEXI).
The credit line can be used to extend loans to local companies for the purchase of Japanese machinery and equipment for the following sectors: infrastructure development, renewable energy and climate change mitigation.
The JBIC reported that 'the credit line will support the export of machinery and equipment to these countries, thereby contributing to maintaining and improving the international competitiveness of Japanese industries'.
The JBIC is a public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.