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The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today a loan agreement amounting to USD4,200 thousand (JBIC portion) with TOYO DENSO CO., LTD. (TOYO DENSO; Headquarters: Tokyo; President: Kiyoshi Koide). The loan is cofinanced with Mizuho Bank, Ltd., bringing the total cofinancing amount to USD6,000 thousand.
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This loan is intended to finance the automobile and motorcycle electrical parts manufacturing and sales business conducted by PT. TOYO DENSO INDONESIA (TDI), an Indonesian subsidiary of TOYO DENSO. The funds will be used for the expansion of TDI's plant facilities.
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TOYO DENSO, a mid-tier enterprise which manufactures and sells vehicle electrical parts, such as power window switches and combination switches, established TDI in 2001 as a production and sales base for markets in North America and other regions, as well as for the Indonesian domestic market. In response to growing demand for automobiles in regions including North America, TOYO DENSO aims to further expand its business by enhancing TDI's production capacity and increasing sales to global auto manufacturers. Through the support of such overseas business deployment of TOYO DENSO, 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 small and medium-sized enterprises (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.
