ANNOUNCEMENT 31 Jul 2012In July 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 31 July 2012, the Japan Bank for International Cooperation (JBIC) agreed with The Senshu Ikeda Bank to offer a credit line to finance overseas activities of Japanese SMEs.
The credit line amounts to USD 10 million and can be used to provide mid- and long-term funds to Japanese SMEs to expand their overseas business. When extended to SMEs, JBIC's overseas investments loans involve unspecified "preferential terms".
The credit line is granted to purchase a fluid catalytic cracker and associated plant equipment, manufactured by Marubeni Corporation (Japan). The JBIC reports that it will support Japanese companies 'by collaborating with Japanese local financial institutions in the light of 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.