- Region: The Middle East
- The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a memorandum of understanding (MOU) with Turkiye Is Bankasi A.S. (Isbank), the largest commercial bank in terms of assets in Turkey, for the purpose of exchanging information about potential export projects in the sector of renewable energy and climate change mitigation in Turkey. It also aims to exchange information about supporting potential export projects involving Japanese machinery and equipment, such as construction machinery to be used for infrastructure development, as well as its business deployment in Turkey and its neighboring countries (in the Middle East, Central Asia and North Africa).
- Prior to the execution of the MOU, JBIC has signed on October 5, two general agreements with Isbank for the purpose of offering the following credit lines: one provides financing for the purchase of Japanese machinery and equipment in the field of renewable energy and other related sectors, and the other extends loans to local companies in Turkey and its neighboring countries for the purchase of Japanese machinery and equipment, such as construction machinery to be used for infrastructure development*1. Under this MOU, the information exchange is aimed at the possible utilization of these two credit lines and the expansion of export business involving Japanese companies.
- In recent years, there have been growing expectations on Japanese exports of machinery and equipment to Turkey and its neighboring countries through collaboration between Japanese and Turkish companies, and also on the major role JBIC should play therein. Under these circumstances, there has been growing interest in the business development of Japanese companies and facilitation of credit lines in Turkey and its neighboring countries, through the enhancement of the relationship between JBIC and Isbank.
- JBIC will continue to support Japanese companies' overseas businesses deployment in collaboration with such foreign financial institutions by drawing on its various financial facilities and schemes for structuring projects, and by performing its risk-assuming function.