ANNOUNCEMENT 12 Sep 2012In September 2012, the government of Japan announced a change in its trade finance instruments.
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Japan Bank for International Cooperation, Press Release:
On 12 September 2012, the Japan Bank for International Cooperation (JBIC) agreed with the Indian Tata Steel Limited on an export loan over an unspecified amount to increase steel production.
The loan is provided jointly with the Bank of Tokyo-Mitsubishi UFJ, Ltd.
The loan is granted to finance the procurement and upgrade of a picking line-tandem cold mill manufactured by a Japanese company. The JBIC reports that 'this loan will contribute to maintaining and improving the international competitiveness of the Japanese steel-making facilities 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.