ANNOUNCEMENT 27 Aug 2012In August 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 27 August 2012, the Japan Bank for International Cooperation (JBIC) agreed with the Government of the Republic of Angola to offer two export loans to finance the purchase of manufacturing machinery.
The loans amounts to JPY 30.8 billion (USD 309.96 million) and JPY 30.2 billion (USD 303.92 million), of which respectively JPY 18.5 billion (USD 186.17 million) and JPY 18.2 billion (USD 183.16 million) are provided by JBIC and the rest by the Bank of Tokyo-Mitsubishi UFJ, Ltd.
The loan is granted to finance the purchase of textile manufacturing machinery (made by a Japanese company) by the Angolan Ministry of Geology, Mines and Industry. The JBIC reports that the loan 'contributes to maintaining and improving the international competitiveness of the Japanese machinery 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.