ANNOUNCEMENT 25 Dec 2012In December 2012, 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/2012/1225-01/index.html
On 25 December 2012, the Japan Bank for International Cooperation (JBIC) agreed with Gazprombank (Russian commercial bank) to offer an export credit line to finance the purchase of Japanese machinery and equipment.
The credit line amounts to USD 500 million, of which USD 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 extended to Azerbaijan, Belarus, Kazakhstan, Russia, Turkmenistan and Uzbekistan. The JBIC argued that it 'intends to support the expansion of exports by Japanese companies to these countries'.
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.