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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling up to USD3.5 million (JBIC portion) with Kasai Works Co., Ltd. (Kasai; Head Office: Aichi Prefecture; CEO: Izumi Kasai). The loan is cofinanced with Sumitomo Mitsui Banking Corporation.
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This loan is intended to finance Kasai for establishing KASAI ADVANCED MFG. PHILIPPINES INC. (KAMP), located in the Province of Batangas, the Philippines, which engages in the manufacturing and sales business of plastic resin molded parts, including door mirror switches.
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Kasai is a plastic resin product maker manufacturing and selling electric parts for automobiles. Given the prospect of increasing demand for automobiles in emerging countries backed by their economic growth, the company established KAMP in March 2014 and intends to expand business in these countries through manufacturing and sales targeting Japanese-affiliated automakers. The loan will support such overseas business deployment of Kasai and thereby contribute to maintaining and strengthening 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 small and medium-sized enterprises (SMEs), in growing markets such as the Philippines, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
