ANNOUNCEMENT 24 May 2012In May 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 24 May 2012, the Japan Bank for International Cooperation (JBIC) agreed with Corporación Nacional del Cobre de Chile (CODELCO) to offer an import loan.
The loan amounts to USD 320 million, of which USD 224 million are provided by JBIC and the rest by Mitzuho Corporate Bank Ltd.
The funds can be used to establish a new refinery plant to produce molybdenum products, whereas CODELCO signed a long-term agreement with several Japanese firms, promising to sell its molybdenum oxide to them.
The JBIC stated that it 'will continue to support the development and acquisition of interest in natural resources that are strategically important for Japan by negotiating with foreign governments and companies'.
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.