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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 8 a loan agreement amounting to up to USD147 million (JBIC portion) with Mitsui Elastomers Singapore Pte. Ltd. (MELS), a Singaporean subsidiary of Mitsui Chemicals, Inc. (Mitsui Chemicals). The loan is co-financed with Sumitomo Mitsui Banking Corporation and Mizuho Bank, Ltd., bringing the total co-financing amount to approximately USD245 million.
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The loan is intended to finance the funds necessary for MELS to manufacture and sell TAFMER™
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TAFMER™ that MELS manufactures and sells is a flexible, light plastic resin. It is used in a wide range of fields, including for automotive parts, packaging materials, sporting goods, and in recent years for clean energy-related parts. As the introduction of clean energy is drawing attention globally for the realization of a decarbonized society, Mitsui Chemicals aims to enhance MELS’s production capacity to meet the growing demand. The loan will support such overseas business expansion of Mitsui Chemicals, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
