ANNOUNCEMENT 07 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 7 November 2012, the Japan Bank for International Cooperation (JBIC) agreed with the Panamanian New Stream Shipping S.A. to offer a loan for the purchase of a bulk carrier.
The loan is cofinanced with The Bank of Tokyo Mitsubishi UFJ, Ltd., whose portion is insured by Nippon Export and Investment Insurance (NEXI).
The loan is granted to purchase a 33000DWT bulk carrier to be built by the Japanese Shin Kurushima Dockyard Co., Ltd.
The JBIC argued that 'this loan will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry'.
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.