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The Japan Bank for International Cooperation (JBIC, Governor: MAEDA Tadashi) signed on March 31 a loan agreement amounting to up to USD53 million (JBIC portion) with Sojitz Corporation (Sojitz). The loan is co-financed with a private financial institution, bringing the total co-financing amount to USD89 million.
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This loan is intended to provide the funds required for a coking coal mine project in which Sojitz holds interests through its headquarter company in Australia.
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Since Japan relies solely on imports for coking coal, which is a raw material for making steel, it is a challenge to secure the necessary amount of coking coal. The loan will support the project, which will supply a certain amount of coking coal to Japanese companies, thereby contributing toward securing stable supplies of coking coal to Japan.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to projects that contribute toward securing important resources for Japan by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
