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JBIC Signs co-financing Agreement with US Ex-Im Bank to promote greater Cooperation between the two agencies for Supporting Japanese and U.S. Exports to Third Countries
Strengthening Support for Japanese Businesses in Overseas Projects

  • Region: North America
  • Infrastructures
  • Machinery and Equipment
  • Others
NR/2012-78
October 25, 2012
  1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed on October 24 (U.S. EST) a bilateral co-financing agreement (Agreement) with the Export-Import Bank of the United States (U.S. Ex-Im Bank; Chairman: Fred P. Hochberg). The objective of the Agreement is that the two banks will cooperate in support of Japanese and U.S. companies in their joint exports to third countries*1.  This is the first co-financing agreement signed by JBIC with another export credit agency (ECAs) for such cooperation.
     
  2. For example, in the case where a Japanese company (e.g., main contractor), jointly with a U.S. company, exports machinery and/or equipment to a third country, the Agreement enables JBIC to finance the entire export portion of Japanese and U.S. companies (i.e., providing "one-stop-shop" finance to the borrower). Behind the scenes, the U.S. Ex-Im Bank could provide re-insurance to JBIC to cover the U.S. export portion of the contract.
     
  3. Such arrangements set forth in this Agreement will help alleviate the administrative burden on the project participants (e.g., borrowers) and to expedite the financing arrangements. Thus, looking forward, it could contribute to an increase in exports by Japanese and U.S. companies into third country projects in which sourcing from both countries is sought.
     
  4. JBIC will continue to support the expansion of Japanese companies' overseas business in collaboration with other ECAs, such as the U.S. Ex-Im Bank.
     
Note
  1. *1 JBIC is authorized to provide re-guarantees from April 1, 2012, pursuant to the Japan Bank for International Cooperation Act, which was promulgated and came into effect on May 2, 2011.

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