ANNOUNCEMENT 10 Oct 2012

In October 2012, the government of Japan announced a change in its trade finance instruments.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Japan Bank for International Cooperation, Press Release:
http://www.jbic.go.jp/en/about/press/2012/1010-02/index.html


Inception date: 10 Oct 2012 | Removal date: 09 Dec 2012
Still in force

Trade finance

On 10 October 2012, the Japan Bank for International Cooperation (JBIC) agreed with the Norwegian PGS Titans AS to offer two loans for the purchase of two vessels.
The loan is co-financed with Sumitomo Mitsui Banking Corporation, whose portion is insured by Nippon Export and Investment Insurance (NEXI).
The loan is granted to purchase two Ramform vessels (capable of high-accuracy, wide-range, 3D seismic data acquisition) to be built at Nagasaki Shipyard, Japan.
The JBIC argued that 'amid continued constraints to structure ship finance across the world, these loans 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.

AFFECTED SECTORS