- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
October 2, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement totaling up to 60 million U.S. dollars (JBIC portion) with Yokohama Tire Philippines, Inc. (YTPI), a subsidiary of The Yokohama Rubber Company, Limited (Yokohama Rubber) incorporated in the Republic of the Philippines.
The loan is intended to finance the expansion of a production facility of YTPI's, passenger car tire production plant at the Clark Special Economic Zone in Pampanga Province, Philippines.
Since it was established in 1917, Yokohama Rubber has been engaged in manufacturing and sales of tires, as well as industrial and sports products. In 1996, it established YTPI supplying passenger car tires principally in North America. Since the North American market indicates solid sentiment for purchasing them, and thus there is the prospect for their robust demand in the future, Yokohama Rubber now intends to increase sales of passenger car tires in North America through expansion of the YTPI facility. By supporting overseas business deployment of Yokohama Rubber, this loan will contribute to maintaining and improving the international competitiveness of Japanese industries.
As a public financial institution, JBIC will continue to support the overseas business deployment of Japanese companies, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.