JBIC is currently working out details of the US$1 billion trade finance initiative to be executed by JBIC, following its announcement by then Finance Minister and Minister of State for Financial Services and Economic and Fiscal Policy, Mr. Shoichi Nakagawa on February 14.
The trade finance facility aims to support financial institutions in developing countries, especially in, for facilitating trade finance by providing a total of US$1 billion for them. In financing with this facility, JBIC will have close cooperation with trade finance programs in the International Finance Corporation (IFC), a member of the World Bank Group, and the Asian Development Bank (ADB).
The global financial crisis has engendered substantial needs to help finance international trade. JBIC's support for trade finance in cooperation with the trade finance programs of IFC and ADB is expected to facilitate trade transactions in developing countries.
Separately, on October 30th, 2008, JBIC and other member institutions of the Asian EXIM Banks Forum jointly responded to the then unfolding global financial turmoil by signing the Sydney Consensus, pledging mutual cooperation at its 14th Annual Meeting.
JBIC is committed to addressing the current global financial crisis by drawing on a variety of financial tools, including the trade finance facility, as it performs one of its functions in the field of "responding to disruptions in financial order in the international economy."