Export Credit Line for SUEK LTD in the Republic of Cyprus
Supporting Export of Mining Machinery to Russian Federation by Japanese Company
- Region: Europe
- Machinery and Equipment
- Export Loans
The Japan Bank for International Cooperation (JBIC; Governor: Tadashi Maeda) signed on June 14 a general agreement for providing an export credit line with SUEK LTD*1
of the Republic of Cyprus amounting up to USD25 million (JBIC's portion). This credit line is co-financed by Citibank, N.A., Tokyo branch (the Agent) and others, bringing the total co-financing amount to USD 50 million. The co-financed portion will be covered by insurance from Nippon Export and Investment Insurance (NEXI).
The credit line is intended to provide funds to Joint Stock Company Siberian Coal Energy Company (JSC SUEK) in Russian Federation for the import of mining machinery produced by Komatsu Ltd. and its overseas subsidiaries(the Komatsu Group) to SUEK LTD.
With JSC SUEK continuously importing mining machinery produced by the Komatsu Group, this credit line will support the further sales of Komatsu Group mining machinery to JSC SUEK, thereby contributing to the Japanese industry in maintaining and enhancing its international competitiveness.
As Japan's policy-based financial institution, JBIC will continue to financially support the export of equipment and services as well as the overseas business deployment of Japanese companies, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming functions.
SUEK LTD is a wholly owned subsidiary of JSC SUEK.