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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed today a loan agreement amounting to up to USD28 million (JBIC portion) with IWS Realty Corporation (IWSR), a Philippine subsidiary of Sumitomo Electric Industries, Ltd. (SEI). The loan is co-financed with MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation, bringing the total co-financing amount to USD47 million.
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The loan is intended to finance, through IWSR, the funds necessary to construct and lease factories for SEI’s subsidiaries in the Philippines to manufacture and sell automotive parts such as wire harnesses.
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SEI globally manufactures and sells a wide range of products including wire harnesses, and IWSR supports the supply chain of SEI’s products including wire harnesses in the Philippines through its factory construction and leasing business. 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.
