ANNOUNCEMENT 30 Mar 2012In March 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release:
On 30 March 2012, the Japan Bank for International Cooperation (JBIC) agreed with SITC Osaka Shipping Co. Ltd. and SITC Yokkaichi Shipping Co. Ltd. (Hong Kong) to a loan for the purchase of a container ship. The loans will finance the purchase of a 1103 TEU container ship built by the Japanese Kyokuyo Shipyard Corporation.
JBIC argued that 'these loans will support the export of ships built in a domestic shipyard... thereby contributing to maintaining and improving the international competitiveness of the Japanese shipbuilding industry'. This measure disadvantages other suppliers that might compete or have competed for the contracts in question.
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.