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JBIC Provides Export Credit Line to Is Bank in Turkey
First Credit Line to a Turkish Private Commercial Bank to Support Japanese Exports

  • Region: The Middle East
  • Machinery and Equipment
  • Export Loans
NR/2004-20
July 12, 2004
  1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) will sign today an agreement for a yen-denominated export credit line*1 totaling 8 billion yen (maximum tenor is 10 years) with Turkiye Is Bankasi A.S. (Is Bank), a private commercial bank in the Republic of Turkey.  The credit line is being cofinanced with UFJ Bank. 
     
  2. This export credit line will provide funds for Turkish firms via Is Bank to finance their imports of machinery and equipment from Japanese firms, and JBIC will support Japanese exports financially.  This is the first export credit line JBIC has offered to a private commercial bank in Turkey.
     
  3. Turkey has made steady progress in structural reforms in the banking sector and adjustments in the financial sector, and its economy has registered stable growth after the economic crisis in 2000-01.  With this economic recovery and growth, the country's trade volume has also increased at a remarkable rate, with both exports and imports reaching record levels in 2003.  JBIC is providing this financing in response to many requests received from Japanese businesses to create an export credit line for a private commercial bank in Turkey.
     
  4. To date, JBIC's financial support for Japanese exports to Turkey has largely focused on large-scale plant projects involving the Turkish government, etc.  With Turkish trade on a recovery and growth path, a credit line for Is Bank, which has a solid client base supported by the most extensive branch network in the country, will enable it to finance a wide range of domestic firms for their imports from Japan.  This will stimulate their interest in purchasing Japanese equipment and thereby serve to increase the exports of Japanese firms.
     
  1. *1 Export credit line is a form of export financing to promote equipment exports from Japan.  A loan is extended to an importer of Japanese equipment through the importing country's financial institution, to which JBIC has offered a credit line.
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