- Region: Europe
- Machinery and Equipment
- Export Loans
December 26, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on December 22 a loan agreement totaling up to 22,950 thousand U.S. dollars (JBIC portion) with Vnesheconombank (VEB) in Russia. The loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd*2. The overall cofinancing loan amounted to 38,250 thousand U.S. dollars.
- The loan will finance, through VEB, the purchase of a set of wood processing machinery and equipment by Amurskaya Lesopromyshlennaya Kompaniya LLC (Amurskaya) in Russia from Hashimoto denki Co., Ltd.(Hashimoto denki).
- Hashimoto denki, headquartered in Takahama City in Aichi Prefecture, is a small and medium enterprise（SME）supplying all facilities for building material and automotive production lines as an integrated system from design and production to installation, thereby receiving credit at home and abroad. This is attributable to utilization of its proprietary technologies accumulated primarily in the manufacturing of streamlined veneer production facilities since its establishment in 1946. As Amurskaya decided this time to adopt Hashimoto denki's veneer production facilities for its wood-processing plant in Khabarovsk, JBIC finances Amurskaya through VEB for the purchase of facilities for a whole production line in an effort to support exports by this Japanese SME.
- JBIC has continued to be engaged in close discussions with VEB based on the Memorandum of Understanding (MOU) for business cooperation signed with VEB in May 2009*3, which culminated in the extension of an export loan to VEB (signing: June, 2011)*4 for financing the export of a set of urea fertilizer plant facilities. This loan led the way for materializing the present loan. JBIC will continue to support the expansion of export business targeting Russia and other countries by Japanese firms, including SMEs.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Nippon Export and Investment Insurance (NEXI) provides buyer’s credit insurance for the portion cofinanced by The Bank of Tokyo-Mitsubishi UFJ, Ltd.
- *3 See Press Release on May 13, 2009 .
- *4 See Press Release on June 20, 2011.