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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on September 27 a loan agreement amounting to up to approximately USD27 million (JBIC portion) with Toyo Engineering Corporation (Toyo). The loan is co-financed with Sumitomo Mitsui Banking Corporation and The Chiba Bank, Ltd., bringing the total co-financing amount to approximately USD45 million.
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The loan is intended to finance, through Toyo, part of the funds necessary for Toyo Engineering India Private Limited (Toyo India), an Indian subsidiary of Toyo, to conduct engineering business.
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Toyo is conducting engineering business globally, and Toyo India supports Toyo’s business through engineering, procurement, construction, etc., for facilities in various sectors including energy, chemicals, fertilizers, power generation, and water treatment. The loan will support Toyo’s 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.
