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The Japan Bank for International Cooperation (JBIC, Governor: MAEDA Tadashi) signed today two loan agreements with Kobe Steel, Ltd. (Kobe Steel): one amounting to up to USD33 million (JBIC portion), and the other amounting to up to USD117 million (JBIC portion). The loans are co-financed with Mizuho Bank, Ltd., MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, bringing the total co-financing amounts to USD55 million and USD195 million respectively.
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The loans are intended to provide, through a US holding company and a US financial company, both wholly owned by Kobe Steel, the fund required by Kobe Steel’s subsidiaries in the US to conduct their business.
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Kobe Steel runs a wide range of businesses worldwide, centered on the steel business, with its growth strategies for the three core business areas of materials, machinery, and electric power. In the US, which is one of the key overseas bases for Kobe Steel, the company conducts businesses of steel and aluminum, advanced materials, welding, machinery, engineering, and construction machinery through the holding company and financial company. The loans will provide financial support for the overseas business expansion of Kobe Steel, thereby contributing toward maintaining and improving 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.
