- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
March 27, 2015
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed a loan agreement today with KANEKA INNOVATIVE FIBERS SDN. BHD. (KIF), a wholly owned subsidiary of KANEKA Corporation (KANEKA) in Malaysia. The loan is cofinanced with private financial institutions.
This loan is intended to finance KIF's manufacturing and sales business of acrylic fiber products*1 in Pahang Darul Makmur, Malaysia. The funds are used for the construction of its new production facilities.
KANEKA established KIF in October 2010 as an overseas production base in Malaysia, in order to respond to the growing demand in overseas markets. All products to be produced at the new facilities will be sold to Africa, as the company plans to further expand its market share in the Africa market, where the future demand is expected to be strong and growing, backed with the population and economic growth. This loan contributes to maintaining and strengthening the international competitiveness of Japanese industries, through supporting such overseas expansion of KANEKA.
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 for structuring projects, and performing its risk-assuming function.