- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
- Overseas Investment Loans
April 9, 2014
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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling USD4 million (JBIC portion) with Marugo Rubber Industries, Ltd. (Marugo Rubber; Headquarters: Okayama Prefecture; President: Tatsuo Fujiki). The loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd., with the overall cofinancing amount reaching the equivalent of USD6 million.
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This loan is intended to finance Marugo Rubber for establishing PT. MARUGO RUBBER INDONESIA (PTMI), its subsidiary, in Indonesia and manufacturing and selling rubber products for automobiles.
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Since its inception in 1954, Marugo Rubber, a small and medium-sized enterprise (SME), has been producing rubber products for automobiles, including vibration control parts and rubber hoses. Given the prospect of the expanding automobile market in Indonesia, backed by its solid economic growth, Marugo Rubber plans to increase the market share of its products through PTMI by strengthening the manufacturing and sales business of automobile rubber products primarily for local Japanese-affiliated automakers. The loan will support such overseas business deployment of Marugo Rubber and thereby contribute to maintaining and improving the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and SMEs, in growing markets such as Indonesia, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.