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The Japan Bank for International Cooperation (JBIC, Governor: Tadashi Maeda) signed on November 21, a loan agreement for buyer's credit (export finance) with Bangladesh Chemical Industries Corporation (BCIC), a state-run entity of the People's Republic of Bangladesh (Bangladesh). This loan is co-financed with MUFG Bank, Ltd. and the Hongkong and Shanghai Banking Corporation Limited Tokyo Branch. The co-financed portion will be covered by insurance from Nippon Export and Investment Insurance (NEXI).
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BCIC will build a new fertilizer plant on the existing Ghorasal fertilizer plant site in the Narsingdi district, Dhaka city in the northeast of Bangladesh. The loan is intended to provide the funds for BCIC to purchase from Mitsubishi Heavy Industries, Ltd a complete set of the equipment for the plant.
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Agriculture is an important industry for Bangladesh and there is strong demand for fertilizer. This loan will support the export of the fertilizer plant-related facility which is the largest in capacity for Bangladesh. The project will contribute to an increase in the domestic production of ammonia and urea, which are important to the agricultural sector as well as to maintaining and improving the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to financially support the export of infrastructure-related facilities as well as the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
