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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on March 10 a loan agreement amounting to up to USD50 million (JBIC portion) with Sumitomo Electric Finance U.S.A., Inc. (SEFUSA), a US subsidiary of Sumitomo Electric Industries, Ltd. (SEI). The loan is co-financed with Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, MUFG Bank, Ltd., and The Norinchukin Bank, bringing the total co-financing amount to USD100 million.
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This loan is intended to provide, through SEFUSA, SEI’s subsidiaries in the Americas with the funds required to manufacture and sell SEI’s products.
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SEI manufactures and sells automotive parts such as wire harnesses. It conducts businesses globally in a wide range of sectors including info-communications, electronics, environment and energy, and industrial materials as well as automobiles. SEFUSA is supporting SEI’s product manufacturing and sales network in the Americas by financing SEI’s subsidiaries in the region. The loan will provide financial support for the overseas business expansion of SEI, thereby serving to maintain and improve the international competitiveness of Japanese industry.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
