In 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:

Inception date: 21 Jun 2012 | Removal date: 20 Dec 2012

Trade finance

On 21 June 2012, the Japan Bank for International Cooperation (JBIC) agreed with Jorf Lasfar Energy Company 5&6 S.A. (Morocco) to offer an export loan to finance the construction of a power plant.
The loan amounts to USD 360 million, of which USD 216 million are provided by JBIC and the rest by private financial institutions.
The Abu Dhabi National Energy Company will construct a new coal-fired power plant with a capacity of 700 MW in the Jorf Lasfar district in Morocco; the loan can be used to fund that part of the construction work which is going to be carried out by MITSUI & CO. LTD.
The JBIC stated that its support 'for the export of the machinery and equipment for the power station by Japanese firms in this project contributes to create business opportunities for them in Morocco' and that it 'will serve to maintain and improve 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.