- Region: The Middle East
- Marine and Aerospace
- Export Loans
January 18, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on January 15 an individual loan agreement with Turkieye Is Bankasi A. S. (Isbank)*2 in Turkey under the framework of a 10 billion yen ship export credit line offered to Isbank in December 2009.*3 This is the first export transaction financed under this framework. The loan was co-financed with the Bank of Tokyo-Mitsubishi UFJ, Ltd.
- The loan provides financing, through Isbank, to YASA, the leading shipping company in Turkey, for the purchase of a 56,000-dwt bulk carrier*4 from Mitsui & Co,. Ltd.. This bulk carrier is built by Mitsui Engineering & Shipbuilding Co., Ltd. at its Tamano Works manufacturing center.
- JBIC will continue to actively support the export of ships built by domestic shipyards that play a major role in the regional economy and help the Japanese shipbuilding industry maintain and improve its international competitiveness.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Isbank is a commercial bank established in 1924 and the largest bank in terms of total assets in Turkey.
- *3 See the Press Release of December 4, 2009, for details.
- *4 A bulk carrier is a cargo ship designed to transport dry bulk cargo such as grains, coals, ores, etc.