JBIC Signs Loan Agreement with Enka Pazarlama in Turkey
Buyer's Credit Supports Japanese Machinery Exports to Turkish Firms

• Region: The Middle East
• Machinery and Equipment
• Export Loans

1. Japan Bank for International Cooperation (JBIC; Governor: Koji Tanami) signed on July 9 buyer's credit^*1 agreements totaling up to 10 billion yen with Enka Pazarlama Ihracat Ithalat A.S. ("Enka Pazarlama") and its subsidiary, Metra Akdeniz Dis Ticaret A.S.. These loans were provided in cofinancing with the Tokyo branch of ABN AMRO Bank N.V.
     
2. These are a follow-on of the two credit lines totaling 14 billion yen offered to Enka Pazarlama in September 2005 and March 2007.  This credit facility will provide a maximum of 10 billion yen for the two companies, who are engaging in imports and sales of construction equipment and industrial machinery, to finance their imports from Japanese firms, thereby supporting the exports of industrial machinery by Japanese manufacturers.
     
3. In the Joint Statement of Japan and the Republic of Turkey released on June 6, 2008, during the official visit of Turkish President Abdullah Gül to Japan, the leaders of both countries expressed their continuous support for activities and efforts by the private sector in order to further promote bilateral economic relations, including trade and direct investment.
     
4.  Following this intent of the Japanese and Turkish governments, JBIC will continue to support Japanese companies for expanding their business opportunities in Turkey with comparable financing arrangements.
     

Note

1. *1 
   A buyer's credit is a direct loan to a foreign importer to finance the import of machinery and equipment from Japanese firms.