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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on May 11 a loan agreement amounting to up to USD54 million (JBIC portion) with Toyotetsu America, Inc. (TTAI), a US subsidiary of TOYODA IRON WORKS CO., LTD. (TOYODA IRON WORKS). The loan is co-financed with MUFG Bank, Ltd., bringing the total co-financing amount to USD90 million.
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The loan is intended to finance part of the funds necessary for TTAI to conduct the business of manufacturing and sales of automotive parts.
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TOYODA IRON WORKS manufactures automotive parts including car skeleton parts and chassis parts in the United States, which is the world’s leading automotive market, and the company is planning to renovate its manufacturing equipment. The loan will support TOYODA IRON WORKS’ overseas business expansion, 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.
