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The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today a loan agreement amounting to USD2,650 thousand (JBIC portion) with KYOWA METAL WORKS CO., LTD. (KYOWA METAL; Headquarters: Kanagawa Prefecture; President: Masumi Takashima). The loan is cofinanced with Sumitomo Mitsui Banking Corporation, bringing the total cofinancing amount to approximately USD4,716 thousand.
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This loan is intended to finance the automotive parts manufacturing and sales business conducted by PT. KYOWA SYNCHRO TECHNOLOGY INDONESIA (KSTI), an Indonesian company invested in by KYOWA METAL. The funds will be used for the expansion of KSTI's plant facilities.
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KYOWA METAL, a small and medium-sized enterprise (SME) engaged in the manufacturing and sales of automotive parts, established KSTI in 2012 as a production and sales hub for the Indonesian market. KYOWA METAL seeks to further expand its business by increasing its sales to global auto makers in Indonesia, where growth in demand for automotive parts is expected to remain strong in the future given the increasing demand for automobiles. Through supporting such overseas business deployment of KYOWA METAL, 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 Indonesia, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
