ANNOUNCEMENT 29 Jun 2012In June 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 29 June 2012, the Japan Bank for International Cooperation (JBIC) agreed with MAXEIKOSITESSERA SHIPPING CORPORATION (Marshall Islands) to offer a loan for the purchase of a bulk carrier.
The loans amount to USD 34 million, of which USD 17 million are provided by JBIC and the rest by Citibank Japan Ltd. The loan is granted to finance the purchase of a 74800-dwt bulk carrier built in Sasebo Shipyard, Japan.
The JBIC argued that 'amid continued constraints to structure ship finance across the world, this loan will provide financial support for the export of ships built in Japanese shipyards, thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding 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.