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 the sector of renewable energy and climate change mitigation.
The credit line amounts to USD 100 million, of which USD 60 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 local companies in for the purchase of Japanese machinery and equipment in the field of renewable energy and climate change mitigation. The JBIC reports that the credit will support 'the export of Japanese machinery and equipment in the field of renewable energy and other innovative efforts to Turkey by Japanese companies, 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.