ANNOUNCEMENT 29 Mar 2013In March 2013, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japanese Bank of International Cooperation, Press Release:
JBIC, untied loans: http://www.jbic.go.jp/en/finance/untied-loan/index.html
On 29 March 2013, the Japan Bank for International Cooperation agreed with Turkiye Kalkinma Bankasi A.S. (TKB) to offer an export credit line to finance renewable energy projects in Turkey.
The credit line amounts to USD 100 million, of which 60 million are provided by JBIC and the rest by Sumitomo Mitsui Banking Corporation.
The loans extended with the funds are not conditional on procurement of equipment and materials from Japan (untied loans). However, the JBIC reported that 'through the expansion of the cooperative relationship, JBIC intends to support the industries and infrastructure businesses in which Japanese companies in Turkey participate'. Untied loans are granted to: i) sustain and expand trade and FDI from Japan, ii) help secure access to staple supplies of energy and mineral resources, iii) promote Japanese business activities.
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.