ANNOUNCEMENT 06 Jun 2013In June 2013, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 6 June 2013, the Japan Bank for International Cooperation (JBIC) agreed with the Ministry of Economic Development of the Government of Mongolia to offer an export credit line to finance the purchase of Japanese machinery and equipment.
The credit line amounts to JPY 8 billion (USD 8.28 million) provided by JBIC, with additional financing provided by private institutions and insured by Nippon Export and Investment Insurance (NEXI).
The credit line aims at supporting Japanese export of construction machinery for infrastructure development, mainly associated with mineral resources development projects.
The JBIC argued that 'supporting Japanese companies' exports to Mongolia through this credit line will 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.