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Report on FY2014 JBIC Operations

  • Region: Others
  • Others
May 19, 2015

The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) today reported its operational results for FY2014. For a breakdown by region and financial facility, as well as chronological data for the past 5 years, please refer to Appendix.

I. Overview

 ■ In FY2014, JBIC made overall commitments totaling JPY3.2493 trillion in loans, equity participations and guarantees, an increase of 47.3% from the previous year.
 ■ Outstanding loans and equity participations amounted to JPY14.6930 trillion, while outstanding guarantees were JPY2.5723 trillion as of March 31, 2015. This brought the overall outstanding amount to JPY17.2653 trillion.

II. Highlights of Operations

1. Efforts to Promote Overseas Development and Acquisition of Interests in Important Resources to Japan

   Demand for resources has been increasing amid global population growth and economic growth in emerging countries, among others. It is thus a significant challenge directly linked to Japanese peoples' lives to secure stable long-term supplies of energy and mineral resources. By supporting efforts to obtain upstream resource interests and develop resources, JBIC is contributing to securing stable long-term supplies of energy and mineral resources as well as diversifying their supply sources. In FY2014, JBIC made a total of 21 commitments amounting to JPY1.0689 trillion in loans, equity participations and guarantees for projects and transactions in the resource sector as a whole.

(1) Efforts in the Energy Resource Sector
   In the energy resource sector, JBIC supported LNG projects participated in by Japanese companies in the U.S., Indonesia and other countries, the offshore FPSO*1 project in Brazil, and provided the funding necessary for the procurement of an LNG tanker. JBIC also supported a CO2-EOR (Enhanced Oil Recovery) project that utilizes the flue gas generated from a coal-fired power plant.
   Apart from financing, JBIC signed memorandums of understanding (MOUs) with Mexican governmental institutions and a Brazilian resources major.

(2) Efforts in the Mineral Resource Sector
   In the mineral resource sector, JBIC supported Japanese companies in an Australian iron ore mine and related infrastructure development and operation project, and a woodchip production and sales business in Vietnam. Also, JBIC supported a Japanese company by providing a loan for its partial acquisition of interests in a Peruvian copper mine.
   Apart from financing, JBIC signed an MOU with the Ministry of Mineral Resources of Mozambique for business cooperation.

2. Efforts to Maintain and Strengthen International Competitiveness of Japanese Industries

   Amid increasingly intense international competition caused by economic globalization, JBIC supported Japanese companies to maintain and expand their overseas market acquisition strategies and supply chains by drawing on its various financial facilities and schemes. Thereby, JBIC contributed to maintaining and strengthening the international competitiveness of Japanese industries. In these areas, JBIC made a total of 239 commitments amounting to JPY2.0798 trillion in loans, equity participations, and guarantees in FY2014.

(1) Supporting Japanese Companies' Strategic Overseas Business Deployment
 (a) Supporting Overseas Investments by Japanese Companies
   JBIC supported, in project financing, the expansion of an integrated oil refinery and petrochemical plant in Saudi Arabia, and provided loans for the shipbuilding business of Chinese and Paraguayan subsidiaries of Japanese companies and the cold rolled steel sheet and surface processed steel sheet manufacturing and sales business of a Japanese company in Turkey.
   Furthermore, JBIC supplied the risk capital indispensable for the overseas business deployment of Japanese companies by making equity investment in an integrated water management company invested in by a Japanese company in the Middle East.

 (b) Supporting Exports by Japanese Companies
   JBIC supported Japanese companies, in project financing, in exporting a whole set of Gas to Gasoline plant facilities to Turkmenistan, and in engineering, the procurement and construction of an oil refinery plant, through a package contract, for a Turkish oil refinery project. Additionally, JBIC supported a Japanese company in exporting construction machinery and equipment related to geothermal power generation through a credit line extended to Yapi Kredi, a Turkish bank, and also set up export credit lines for exporting to China and India.
   Furthermore, JBIC supported a Japanese company in exporting bulk carriers to Hong Kong's leading shipping group, and made a total of 26 commitments related to ship exports amounting to JPY26.7 billion in FY2014.

(2) Supporting Overseas Deployment of Infrastructure Business by Japanese Companies
   In the power and water sector, JBIC supported Japanese companies by providing financing to an offshore wind power generation project participated in by a Japanese company in the U.K., the first African ultra-super critical coal-fired power plant in Morocco, hydro power plant projects in Indonesia and Laos, and also the export of power generation plant facilities to Tanzania and Vietnam. Additionally, JBIC supported exports for water infrastructure by a Japanese company in Morocco.
   In the transportation and telecommunications sector, JBIC supported Japanese companies by providing project financing for the Intercity Express Programme in the U.K. and buyer's credit for the export equipment related to terrestrial digital broadcasting in Uzbekistan.
   Apart from financing, JBIC signed a shareholders' agreement establishing a vehicle to promote private sector projects including urban development in Myanmar.

(3) Supporting Overseas Business Deployment of Japanese Mid-tier Enterprises and SMEs
   To support the overseas business expansion of Japanese mid-tier enterprises and small and medium-sized enterprises (SMEs), JBIC made a total of 109 commitments, in collaboration with Japanese regional financial institutions and Shinkin banks, including support for a dietary supplements manufacturing and sales business in Thailand and heat treatment of metal products in Mexico. Furthermore, JBIC set up investment credit lines to Japanese regional financial institutions and overseas subsidiaries of Japanese leasing companies. 

(4) Other Efforts
   Regarding efforts to provide loans in local currency,*2 JBIC made its first loan in Mexican Peso to a Japanese company's automobile engine parts manufacturing and sales business in Mexico and a loan in Thai Baht to an automobile parts manufacturing and sales business in Thailand. In these areas, JBIC made a total of 20 commitments amounting to the equivalent of JPY214 billion in local currencies.
   In supporting the issuance of Samurai bonds, JBIC provided guarantees for privately placed Samurai bonds issued by the government of Turkey, the Central Bank of Tunisia and the Export-Import Bank of India. 
   Furthermore, JBIC provided the guarantees on loans extended by private financial institutions for importing aircraft.

3. Efforts in the Environment Sector

   In the environment sector, JBIC provided project financing to a photovoltaic power generation plant participated in by a Japanese company in Jordan. Also, under its GREEN (Global action for Reconciling Economic growth and ENvironmental preservation) operation, JBIC set up credit lines for renewable energy business with financial institutions in Mexico, Turkey, South Africa and Brazil. Furthermore, JBIC signed MOUs on operational cooperation in the environmental field with governmental institutions of India and Mexico. 

4. Other Efforts

   In promoting the liquidation of private sector funds, JBIC made a partial transfer of a project financing loan structured and owned by JBIC for the development and operation of an iron ore mine and related infrastructure in Australia, and also made partial liquidation of claims through loan participation*3, a loan for an infrastructure project related to power generation in the Middle East. Additionally, JBIC made an equity participation in the fund, which invests in financial institutions in emerging countries.

[Appendix]
1. Loans, Equity Participations, and Guarantees
2. Commitments by Region and Purpose of Financing
3. JBIC's Operations (Last 5 Years)

Note
  1. *1    FPSO stands for Floating Production Storage and Offloading System, a floating vessel for the first stage processing of crude oil produced at the oil well, which separates associated gas and water, and for the storage and offloading of oil.
  2. *2   Currencies other than JPY, USD and EUR.
  3. *3   Loan participation is a transaction that transfers the financial profits and risks of a loan to participating financial institutions while the lender keeps its status as the original lender of a loan agreement. As a result, it becomes possible for the participating financial institutions to invest in loans owned by JBIC.
  4.      

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