- Region: The Middle East
- Machinery and Equipment
- Export Loans
March 28, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement for buyer's credit (export loan) amounting up to JPY3.6 billion (JBIC portion) with Yilport Holding A. S. (Yilport) in Turkey. The loan is cofinanced with Sumitomo Mitsui Banking Corporation, which brings the total cofinancing amounts to JPY6 billion, with Nippon Export and Investment Insurance (NEXI) providing the Buyer's Credit Insurance on the cofinanced portion.
The loan is intended to finance the necessary funds for Yilport to purchase a total of 18 port container cranes from Mitsui Engineering & Shipbuilding Co., Ltd. (MES) for new construction of Gemlik Port Terminal and expansion of Gebze Port Terminal operated with its group companies in Western Turkey.
In Turkey, it has become an urgent matter to improve ports'cargo handling capacity as cargo transport is increasing with recent economic growth. To cope with increasing cargo traffic, Yilport, who is growing steadily in Turkey's port cargo handling industry, is promoting this project, located at strategic points of cargo distribution. This loan is to finance Yilport's new purchase of port container cranes made by MES, highly appreciated by Yilport for its high performance. Through supporting the export of port container cranes by a Japanese company, this loan will contribute to maintaining and improving the international competitiveness of Japanese industries, as well as the improvement of Turkey's port infrastructure.
As Japan's policy-based financial institution, JBIC will continue to financially support the export of infrastructure related machinery and equipment to Turkey by Japanese companies, by drawing on its various financial facilities and schemes, for structuring projects and performing its risk-assuming function.