ANNOUNCEMENT 28 Mar 2013In March 2013, the government of Japan announced a change in financial export support.
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Japan Bank for International Cooperation, Press Release:
On 28 March 2013, the Japan Bank for International Cooperation (JBIC) agreed with PB Vessels Holding Limited (PBVH) to offer an export credit line to finance the purchase of four bulk vessels.
The credit line amounts to USD 85.2 million, of which 42.6 million are provided by JBIC and the rest by the Bank of Tokyo Mitsubishi UFJ, with buyer's credit insurance provided by Nippon Export and Investment Infrastructure (NEXI).
The credit line is granted to purchase four bulk carriers built by three Japanese ship builders. The JBIC reported that 'these loans will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry'.
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.