- Region: Others
- Marine and Aerospace
- Export Loans
December 4, 2009
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on December 3 a general agreement for arranging an export credit line*2 for ships in the amount of up to 10 billion yen with Turkiye Is Bankasi A.S. (Isbank), the largest private commercial bank in Turkey*3.
- This credit line will finance the export of ships built in Japanese shipyards to Turkish buyers at a time when the credit squeeze in the aftermath of the financial crisis last fall has made it difficult to structure ship financing across the world. This is JBIC's first credit line exclusively for the export of ships.
- After overcoming the economic crisis in 2000-01, Turkey has continued to register solid growth performance, and the country is today drawing international attention as one of the countries with promising growth. Given the country's robust growth, the facilitation of financing through this credit line will lead to supporting Japanese firms' exports to Turkey in the coming years, thereby making a contribution to the maintenance and improvement of the international competitiveness of Japanese shipbuilders. It is also expected to positively affect employment at Japanese shipyards, shipbuilding-affiliated industries, and other regional economies.
- JBIC will continue to actively support the export of ships from Japan through cofinancing with private financial institutions, while drawing on its network of clients such as regional banks in developing countries.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Shosaku Yasui).
- *2 An export credit line is a form of export credit in which JBIC makes a commitment of a certain amount of money as a loan to a foreign bank or other entities to finance exports of machinery, equipment and services from Japan.
- *3 Isbank is a commercial bank established in 1924 and is the largest private bank in terms of total assets in Turkey. JBIC arranged the first export credit line to Isbank in July 12, 2004 for the export of machineries and equipments from Japanese firms to Turkey. For further information, please see the Press Release dated July 12, 2004.