- Region: Latin America and the Caribbean
- Marine and Aerospace
- Export Loans
September 16, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on September 15 a loan agreement totaling up to 2.1 billion yen with Yapi ve Kredi Bankasi A.S.(Yapi Kredi), a commercial bank in Turkey.*2 The loan was cofinanced with the Bank of Tokyo-Mitsubishi UFJ, Ltd.
- This loan will finance, by way of Yapi Kredi, Ince Denizcilik ve Ticaret A.S., a Turkish shipping company, for purchasing, through its subsidiary, a 28,000-dwt bulk carrier*3 from Mitsubishi Corporation. The bulk carrier is built by Imabari Shipbuilding Co., Ltd. Thus the loan will support Japanese firm's export of a bulk carrier.
- The credit squeeze following the financial crisis in the fall of 2008 has made it difficult to structure ship financing across the world. The loan provided through Yapi Kredi will lead to the funding of the export of Japanese ships, thereby helping Japanese shipbuilders maintain and improve their international competitiveness. JBIC offered a 10 billion yen credit line to Is Bankasi A.S. in December 2009 for financing the export of ships to Turkey,*4 which supported the export of 3 bulk carriers built in Mitsui Engineering & Shipbuilding Co., Ltd. and IHI Marine United Inc. This loan follows these previous loans that facilitated Japanese ship exports.
- JBIC will continue to actively support the export of ships built in Japanese shipyards that perform a significant role in the regional economy, including employment creation, while drawing on its network of clients such as banks in foreign countries.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Yapi Kredi is a commercial bank established in 1944.
- *3 A bulk carrier is a cargo ship designed to transport dry bulk cargo such as grains, coals and ores.
- *4 See Press Release on December 4, 2009.