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The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today a loan agreement amounting up to USD550 thousand (JBIC portion) with Tanabe Long Hau Co., Ltd. (TLC), a Vietnamese subsidiary of Tanabe Co., Ltd. (Tanabe; Headquarters: Aichi prefecture; President: Kazuo Tanabe). The loan is cofinanced with THE BANK OF NAGOYA, LTD., bringing the total cofinancing amount to USD793 thousand.
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This loan is intended to finance the leather steering wheel cover manufacturing business conducted by TLC in Long An Province, Vietnam. The funds will be used to construct a new manufacturing plant.
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Tanabe, a small and medium-sized enterprise (SME) which manufactures felt floor mats mainly used for cars, has been producing leather steering wheel covers for cars through a Vietnamese subsidiary since 2010. Tanabe established TLC, a new subsidiary, through which it aims to expand its business in Vietnam, where demand for leather steering wheel covers is expected to increase against the backdrop of the growing auto market. Through the support of such overseas business deployment of Tanabe, this financing will 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 the overseas business deployment of Japanese companies, including mid-tier enterprises and SMEs, in growing markets such as Vietnam, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
