ANNOUNCEMENT 01 Jun 2015In June 2015, the government of Japan announced a change in its trade finance instruments.
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On 1 June 2015, the Japan Bank for International Cooperation issued a press release titled "Loan for Automobile Parts Manufacturing and Sales Business of Japanese Company in Mexico" to support the business deployment of Japanese SMEs in Mexico.
According to the press, JTEKT AUTOMOTIVE MEXICO, S.A. DE C.V. (JAMX), a Mexican subsidiary of JTEKT CORPORATION (JTEKT), will receive MXN 243 million (USD 15.3 million) loan support from JBIC. The loan is intended to finance, in local currency, the automobile electric power steering system manufacturing and sales business of JAMX in the state of San Luis Potosí, Mexico.
Note: Japan Bank for International Cooperation (JBIC) is a fully governmental owned financial institution, supporting trade and oversea business activities of the Japanese firms.