ANNOUNCEMENT 05 Oct 2012In October 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 5 October 2012, the Japan Bank for International Cooperation (JBIC) agreed with Turkiye Is Bankasi A.S. to offer an export credit line to finance Japanese exports to Turkey and its neighboring countries (Middle East, Central Asia and North Africa).
The credit line amounts to USD 200 million, of which USD 120 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 is granted to extend loans to companies in Turkey and its neighboring countries for the purchase of Japanese machinery and equipment, such as construction machinery. The JBIC reports that the credit will support 'the expansion of the export of Japanese machinery and equipment to these countries'.
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.