Loan for the Automotive Bearings Manufacturing and Sales Business of Daido Metal’s Russian Subsidiary
Supporting Overseas Business Expansion of Japanese Company under the Growth Investment Facility
- Region: Europe
- Manufacturing and Services
- Overseas Investment Loans
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to JPY500 million (JBIC portion) with Daido Metal Co., Ltd. (Daido Metal). This loan is provided under JBIC's Growth Investment Facility*1
and is co-financed with a private financial institution, bringing the total co-financing amount to JPY1 billion.
The loan is intended to provide the funds necessary for DAIDO METAL RUSSIA LLC (DMR), a Russian subsidiary of Daido Metal, to manufacture and sell automotive bearings.
Daido Metal holds the world's top share of slide bearings used in automotive and ship engines, and the company is globally expanding its manufacture and sales of these products. Daido Metal established DMR in 2007, and through this subsidiary, has been working on sales promotions for automotive bearings domestically within Russia as well as expanding its market in the Middle East and Europe. The loan will support Daido Metal's overseas business expansion and will contribute to maintaining and strengthening the international competitiveness of Japanese industry.
As Japan's policy-based financial institution, JBIC will continue to support the overseas business expansion of Japanese companies by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.