ANNOUNCEMENT 08 Aug 2013In August 2013, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 8 August 2012, the Japan Bank for International Cooperation (JBIC) agreed with LLP Atyrau refinery (Kazakhstan) to offer an export credit line to modernize an oil refinery.
The credit line amounts to USD 297.5 million, of which USD 178.5 million are provided by JBIC and the rest by the Bank of Tokyo Mitsubishi UFJ, Ltd., with buyer's credit insurance provided by Nippon Export and Investment Insurance (NEXI).
The credit line is granted to purchase a fluid catalytic cracker and associated plant equipment, manufactured by Marubeni Corporation (Japan). The JBIC reports that its support to export these materials 'will lead to the creation of business opportunities in the oil refinery and petrochemical sectors, 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.