ANNOUNCEMENT 14 Nov 2012In November 2012, the government of Japan announced a change in its trade finance instruments.
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Japan Bank for International Cooperation, Press Release:
On 14 November 2012, the Japan Bank for International Cooperation (JBIC) agreed with AKBANK T.A.S., a Turkish bank, to offer an export credit line for the purchase of Japanese machinery and equipment.
The credit line amounts to US$ 5000 million, of which US$ 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 used to extend loans to local companies in Turkey and its neighboring countries to purchase Japanese machinery and equipment.
The JBIC reported that this 'credit line will support the export of machinery and equipment to Turkey and its neighboring countries, 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.