- Region: The Middle East
- Machinery and Equipment
- Export Loans
March 16, 2007
- Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed a loan agreement on March 15 on buyer's credit totaling 7 billion yen with Enka Pazarlama Ihracat Ithalat A.S.(Enka Pazarlama), a Turkish corporation. The loan is co-financed with ABN Amro Bank N.V., Tokyo Branch.
- This loan is a credit line for Enka Pazarlama, a company that imports and sells industrial machinery such as construction machinery, to meet its financial need for continued purchase of industrial machinery from Japanese firms. JBIC set up a credit facility totaling 7 billion yen for the Enka Pazarlama in September 2005; therefore, we have placed this loan as a succeeding credit line.
- Turkey has made steady progress in the structural reform of the financial sector, restoring fiscal health, and putting its economy successfully on a robust growth path after the economic crisis in 2000 and 2001. Currently, Turkey is attracting international attention as one of the countries trailing BRICs with their high expectations for growth.
- Reflecting this economic recovery and growth, Turkey's trade volume of both exports and imports registered a record volume in 2005, and its trade volume to Japan also increased greatly. Under these circumstances, the first credit line JBIC set up for Enka Pazarlama in September 2005 has been smoothly utilized; therefore, JBIC was requested for additional credit facility by Enka Pazarlrama. In response to this request, JBIC has decided on the credit facility to Enka Pazarlama, a close trading partner of Japanese firms, to help secure chances for Japanese firms to receive export orders of a variety of industrial machinery such as construction machinery. Through these efforts, JBIC will continue to support Japanese companies in expanding business opportunities in Turkey over the coming years.