- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
- Overseas Investment Loans
December 6, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement amounting up to 34.6 million Japanese yen (JBIC portion) with MIRAREED CORPORATION CO, LTD (MIRAREED; Headquarters: Tokyo; President: Katsumoto Higashiyama). The loan is cofinanced with Mizuho Bank Ltd., which brings the total cofinancing amount to 500 thousand U.S. dollars.
The loan is intended to finance the manufacturing and sales of car accessories such as car sockets and ash trays by NINGBO MIRAREED PLASTIC CO., LTD (NINGBO MIRAREED), a wholly owned subsidiary of MIRAREED, in Zhejiang, China.
MIRAREED established NINGBO MIRAREED in 2007, to capture growing demand of the car accessories market in China. Amid the expected increase in the demand for car accessories backed with the steady economic growth in China, MIRAREED plans to expand the manufacturing and sales of car accessories by further expanding the production at NINGBO MIRAREED. Thus, this loan contributes to maintaining and improving the international competitiveness of Japanese industries, through supporting the overseas business deployment of MIRAREED.
As a public financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and small and medium-sized enterprises, in growing markets such as China, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.