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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 30 a loan agreement amounting to up to approximately USD78 million (JBIC portion) with Tosyali Toyo Celik Anonim Sirketi (T&T), a joint venture established by Toyo Kohan Co., Ltd. (Toyo Kohan) and Tosyali Holding A.S., a Turkish company. The loan is co-financed with Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to USD153 million.
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The loan is intended to provide the funds required by T&T to expand its surface processed steel sheets manufacturing line in Turkey. The loan follows similar loan agreements signed with T&T in March 2015
*1and March 2021
*2.
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In 2012, as a member of Toyo Seikan Group Holdings, Ltd., Toyo Kohan entered the steel sheet-related market in Turkey by establishing T&T as a local affiliate. T&T aims to capture growing needs in such regions as Europe, the Middle East, and North Africa as well as Turkey by expanding its manufacturing line of surface processed steel sheets of high added value. The loan will support Toyo Kohan's overseas business expansion, 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.
