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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to RMB24 million (JBIC portion) with JIAXING SHOWA INTERCONNECT PRODUCTS CO., LTD. (JSIP), a Chinese subsidiary of SWCC SHOWA HOLDINGS CO., LTD. (SWCC SHOWA HOLDINGS). The loan is co-financed with Resona Bank, Limited, bringing the total co-financing amount to RMB40 million equivalent.
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This loan is intended to provide the funds required by JSIP to conduct the manufacturing and sales of its products, such as wire harnesses for home appliances, in Zhejiang Province, China. The funds provided will be used for such purposes as building a new facility.
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SWCC SHOWA HOLDINGS manufactures and sells a wide range of electric wire and cable products, including wire harnesses, in Japan and overseas. In March 1996, it established JSIP as its production base in China. SWCC SHOWA HOLDINGS is aiming to further strengthen its production capacity in China through capital investment in JSIP. This local currency denominated loan will support SWCC SHOWA HOLDINGS’s overseas business expansion, thereby contributing to maintaining and improving the international competitiveness of Japanese industry.
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As Japan’s policy-based financial institution, JBIC will continue to support the overseas business expansion of Japanese companies into growing markets such as China by drawing on its various financial facilities and schemes, including local currency loans, and performing its risk-assuming function.
