ANNOUNCEMENT 17 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/2012/1217-01/index.html
On 17 December 2012, the Japan Bank for International Cooperation (JBIC) agreed with Hon Hai Precision Industry Co., Ltd. to offer an export credit line to finance the purchase of Japanese machine tools.
The credit line amounts to JPY 8.5 billion (USD 83.51 million), of which JPY 4.25 billion (USD 41.75 million) are provided by JBIC and the rest in form of buyer's credit insurance by Nippon Export and Investment Insurance (NEXI).
The JBIC argued that'the credit line will support the expansion of the export of Japanese machine tools, thus contribute 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.