- Region: Asia
- Manufacturing and Services
October 26, 2009
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on October 23 a loan agreement totaling up to 100 million US dollars for supporting trade finance and a memorandum of understanding (MOU) for operational cooperation with Indonesia Eximbank*2.
- The loan will provide funds for Indonesia Eximbank to conduct trade financing and thereby enhance trade and economic activities primarily in Asia, including Indonesia.
- The MOU sets out: (1) JBIC's cooperation with Indonesia Eximbank for capacity building to strengthen the Eximbank's operational functions; (2) coordination for steady provision of trade finance through a close exchange of views and information; and (3) strengthening mutual ties for promoting projects in which Japanese firms are involved.
- This loan and MOU represent a materialization of mutual cooperation among the member institutions of the Asian EXIM Banks Forum, as they pledged in the Sydney Consensus at its 14th Annual Meeting in October last year*3. The loan is also a specific measure constituting part of the trade finance initiative launched and expanded by the Government of Japan in February and April this year to support trade transactions. JBIC will continue to steadily implement measures under this initiative to support trade finance.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Indonesia Eximbank succeeded PT Bank Ekspor Indonesia and began its operations from September 1, 2009, as an official financial institution under the new special statutory law.
- *3 See news release dated October 31, 2008.