ANNOUNCEMENT 08 Feb 2013In February 2013, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release: http://www.jbic.go.jp/en/about/press/2012/0208-01/index.html
On 8 February 2013, the Japan Bank for International Cooperation (JBIC) agreed with JSW Steel Limited (India) to offer an export loan to finance the construction of a second cold rolling mill in Karnataka State.
The loan amounts to JPY 4.95 billion (USD 48.66 million), of which JPY 2.97 billion (USD 29.20 million) are provided by JBIC and the rest by Mizuho Corporate Bank, Ltd. Furthermore, Nippon Export and Investment Insurance (NEXI) provides buyer's credit insurance.
The loan is extended for the purchase of a continuous annealing line and associated technological services supplied from JP Steel Plantech Co. (Japan).
The JBIC argued that 'this loan will support the export of Japanese companies, 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.