- Region: The Middle East
- Marine and Aerospace
- Export Loans
September 8, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on September 7 contract loan agreements in the total amount of up to 4.8 billion yen with Turkiye Is Bankasi A.S. (Isbank), a Turkish commercial bank*2 with a private financial institution. The loans will be drawn from the existing export credit line*3 which was cofinanced with Ｔhe Bank of Tokyo-Mitsubishi UFJ, Ltd. to Isbank amounting 22 billion yen.
- The loans will provide financing, by way of Isbank, for YA-SA Shipping Industry and Trading S.A. in Turkey to purchase two 83,000-dwt bulk carriers*4 built in the shipyard of Sanoyas Hishino Meisho Corporation from Mitsubishi Corporation. Amid the continuing credit squeeze in the aftermath of the financial crisis, it has become difficult to structure ship financing across the world. The loans will support the export of ships built in the Japanese shipyard, thereby contributing to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry.
- 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 and business dealings with associated industries through cofinancing with private financial institutions and in partnership with the Shipbuilder's Association of Japan.
- *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 private bank in terms of total assets in Turkey.
- *3 See Press Release dated March 9, 2011 , for details.
- *4 A bulk carrier is a cargo ship designed to transport dry bulk cargo such as grains, coals, ores, etc.