JBIC concluded a loan agreement with KANEKA INNOVATIVE FIBERS SDN. BHD. (KIF), a local Malaysian subsidiary of KANEKA Corporation (Kaneka). The loan provides the necessary financing for KIF's manufacturing and sales business of acrylic fiber products*1 in Pahang, Malaysia, and the funds will be used to construct new production facilities. Kaneka established KIF in Malaysia as an overseas production base in October 2010 in order to meet the growing demand in overseas markets. All the products expected to be manufactured at the new facilities will be sold in Africa, and Kaneka is attempting to increase its share of the market in Africa, which is expected to see a large increase in demand on account of both population and economic growth. Through this financing, JBIC is contributing to maintaining and improveing the international competitiveness of Japanese industry.
- *1The main use of this product is hair extensions used as necessities among African women.