ANNOUNCEMENT 19 Nov 2012In November 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 19 November 2012, the Japan Bank for International Cooperation (JBIC) agreed with the government of Indonesia to offer an export loan to finance the installation of power substations and underground cables in Jakarta.
The loan amounts to JPY 2.065 billion (US$ 21.83 million), of which JPY 1.239 billion (US$ 13.1 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 with the purpose of buying Japanese power supply infrastructure.
The JBIC argued that 'the loan will contribute to maintaining and improving the international competitiveness of Japanese exporters'.
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.