ANNOUNCEMENT 30 Apr 2015In April 2015, the government of Japan announced new support for the overseas expansion of domestic firms.
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On 30 April 2015, the Japan Bank for International Cooperation (JBIC) announced its support for the expansion of one Japanese firm in Indonesia. The credit will be co-financed with the private Mizuho Bank.
Based on the agreement, the PT. JFE Steel Galvanizing Indonesia (JSGI), a subsidiary of JFE Steel Corporation (JFE Steel) in Indonesia, will receive a loan of USD 60 million. The purpose of the loan is to support the overseas production and sales business of high-end hot-dip galvanized steel sheet for automobiles.
The Japan Bank for International Cooperation (JBIC) is a fully governmental owned financial institution, supporting trade and overseas business activities of the Japanese firms. The described loan is part of its new facility to support overseas business development and expansion, established in 2013 (see related measure).
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.