- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
- Overseas Investment Loans
April 14, 2014
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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling up to USD500 thousand (JBIC portion) with ITO ELECTRONICS HK LIMITED (ITOHK), a Hong Kong subsidiary of Ito Electronics Co., Ltd. (Ito Electronics; Head Office: Aichi Prefecture; President and Representative Director: Naoki Ito). The loan is cofinanced with Ogaki Kyoritsu Bank Ltd., and the overall cofinancing amount adds up to USD1 million.
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The loan is intended to finance ITOHK, a wholly-owned subsidiary of Ito Electronics in Hong Kong, for strengthening its capacity in conducting the electronics manufacturing service (EMS) business of electronic parts, mainly used in automobiles.
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Ito Electronics, which has strength in electronic parts and semi-conductor-related business, established ITOHK in September 2004 and strengthened the EMS business to meet orders in the Chinese market. Since it is foreseen that high demand for auto parts will continue in China, the largest producer of automobiles in the world, Ito Electronics intends to further expand its business by strengthening the EMS business mainly for automobile parts. This loan will support such overseas business deployment of Ito Electronics and thereby contribute to maintaining and strengthening the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies, including mid-tier enterprises and small and medium-sized enterprises (SMEs), in growing markets such as China, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.