ANNOUNCEMENT 29 Feb 2012In February 2012, the government of Japan announced a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
Japan Bank for International Cooperation, Press Release: http://www.jbic.go.jp/en/about/press/2011/0229-01/index.html
On 29 February 2012, the Japan Bank for International Cooperation (JBIC) agreed with TeraSea Pte. Ltd. (Singapore) to offer an export credit line to finance the purchase of two tugs.
The funds amount to USD 53 million, of which USD 27 million are provided by JBIC and the rest by Sumitomo Mitsui Banking Corporation.
The loans are granted to purchase two ocean towing/salvage tugs produced by Universal Shipbuilding Corporation at its Keihin Shipyard, in the Kanagawa Prefecture.
The JBIC reported that 'these loans 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.