- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
January 17, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed a loan agreement totaling up to CNY33 million with NIFCO YANCHENG CO., LTD. (NYC), a subsidiary of Nifco Inc. (Nifco) in the People's Republic of China (China). *1 The loan is cofinanced with Mizuho Bank, Ltd., which brings the overall cofinancing amount to CNY55 million.
This loan provided in local currency is intended to finance the manufacturing and sales of engineering plastic products for automobiles being undertaken by NYC in Jiangsu Province, Eastern China.
Since starting business in 1967, Nifco has manufactured and sold plastic fasteners and automobile parts, and they established NYC in China in 2011, which has supplied engineering plastic products for automobiles by making use of Nifco's weight reduction and other technologies. As robust demand is foreseen in the Chinese automobile market, backed by consumers'solid willingness to buy, Nifco intends to expand the manufacturing and sales of engineering plastic products for automobiles in China through expansion of NYC. By supporting Nifco's overseas business deployment, this loan will contribute to the maintenance and improvement of the Japanese auto parts industry.
As Japan's policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes, including loans to meet the needs of local currencies, for structuring projects and by performing its risk-assuming function.
- *1 Although the loan agreement was already concluded on January 14, 2014, the press release was issued today, after the related procedures have been completed.