- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
- Overseas Investment Loans
May 30, 2014
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling to USD2.716 million (JBIC portion) with ENKEI CORPORATION (ENKEI; Headquarters: Shizuoka Prefecture; President: Junichi Suzuki). The loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd., with the overall cofinancing amount reaching the equivalent of USD3.9 million.
This loan is intended to finance ENKEI*1 for manufacturing and sales business of automobile parts (aluminum wheels) conducted by Enkei Philippines, Inc. (EKP), its subsidiary in the Philippines.
ENKEI is the first Japanese company that successfully produced aluminum wheels, and supplies the genuine aluminum wheels to motorcycle and automobile manufacturers as an independent supplier. Currently, the company has 15 overseas subsidiaries and supplies their products mostly to Japanese automobile manufacturers locally. Amid that the automobile manufacturers are expanding their local production in Asian countries responding to the increase in demand for motorcycles and automobiles with the expansion of the middle class backed with economic growth, EKP sells the products mainly in the Philippines' domestic market. The loan will support such overseas business deployment of ENKEI and thereby contribute to maintaining and strengthening the international competitiveness of Japanese industries.
As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and small and medium-sized enterprises (SMEs), in growing markets such as ASEAN countries, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
- *1 JBIC financed ENKEI on April 22, 2014, for its manufacturing and sales business of automobile parts in Asian countries. For more details, see Press Release on April 22, 2014.