- Region: Africa
- Manufacturing and Services
- Overseas Investment Loans
October 28, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed a loan agreement*1 in South African rand (ZAR) with Toyota Financial Services (South Africa) Limited (TFSSA), a group company of Toyota Financial Services Corporation (TFS). The loan is cofinanced with a private financial institution and intended to partially fund TFSSA's sales financing business covering Japanese automobiles in South Africa.
South Africa's automobile market is growing backed with the country's steady economic growth, and continues to be the important market for Japanese automobile manufacturers having a large presence there. Also, automobile sales financing continues to be an essential sales tool for every automobile manufacturer to expand automobile sales in South Africa as it is very popular to use sales financing for the purchase of automobiles there.
This loan will support the overseas sales financing business of automobiles by Japanese companies, providing the loan in local currency, and thereby contribute to maintaining and improving the international competitiveness of the Japanese automobile industry.
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, including loans to meet the needs of local currency funds, for structuring projects, and by performing its risk-assuming function.
- *1 The loan agreement was signed on October 23, 2013, and the press release was issued today, as the related procedures of relevant parties have been completed.