Buyer's Credit for Key Components of the Seawater Desalination Plant to Hyflux Group in Singapore Supporting Japanese Companies' Export to Overseas Water Infrastructure Project
Environment , International Business Development NR/2012-17
June 14, 2012
June 14, 2012
- The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a buyer's credit agreement totaling up to 7.2 million U.S. dollars (JBIC portion) with Hydrochem (S) Pte Ltd. (Hydrochem), a wholly-owned subsidiary of Hyflux Ltd.*1 (Hyflux) in the Republic of Singapore. The loan is cofinanced with Mizuho Corporate Bank Ltd., with Nippon Export and Investment Insurance (NEXI) providing Buyer's Credit Insurance for the cofinanced portion. The overall cofinancing amounts to 14.4 million U.S. dollars.
- This loan will finance Hydrochem to purchase key components (reverse-osmosis membrane elements manufactured by Toray Industries, Inc. and high pressure pumps manufactured by Torishima Pump Mfg. Co., Ltd.) for Singapore's largest membrane-based seawater desalination plant in the Tuas district located in the western corner of the country, from Mitsui & Co. Plant Systems, Ltd. It will contribute to maintaining and improving the international competitiveness of Japanese companies in water-related business.
- Water-related business has been growing at the global level, as water shortages caused by population growth and expanding economic activities have been drawing increasing interest to water issues. To offer comprehensive support for Japanese companies to deploy overseas business in this area, JBIC signed a MOU with Hyflux in August 2009*2 on global cooperation on water projects. This loan is the first extended by JBIC to the Hyflux Group based on this MOU.
- JBIC will continue to support the export of water-related plant facilities, etc, and overseas deployment of water-related business by Japanese companies, in partnership with domestic and foreign companies and organizations involved in water business, by drawing on its various financial facilities and schemes for structuring projects and by performing risk-assuming functions.
- *1 Hyflux is one of the world's leading fully-integrated water solutions companies with operations and projects in Southeast Asia, China, India, the Middle East and North Africa.
- *2 See Press Release on August 20, 2009.