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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed today a loan agreement amounting to up to IDR882,000 million (JBIC portion) with PT Indonesia International Automotive Proving Ground (IIAPG) in Indonesia, which is invested in by, inter alia, Toyota Tsusho Corporation. The loan is co-financed with a private financial institution, bringing the total co-financing amount to IDR1,470,000 million.
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The loan is intended to finance the funds necessary for IIAPG, commissioned by the Ministry of Transportation of Indonesia, to develop and maintain a vehicle proving ground in Bekasi Regency in the province of West Java, Indonesia. The vehicle proving ground will conform to the relevant United Nations Regulations based on the Mutual Recognition Agreement on automobiles and automotive parts that members of ASEAN in January 2021 agreed to introduce.
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The development of the vehicle proving ground will facilitate the export of Indonesia-made automobiles to other ASEAN member countries and stimulate the Indonesian automobile industry. The loan will help to improve the business environment for Japanese automobile manufacturers operating in Indonesia, 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 support the overseas business expansion of Japanese companies by drawing on its various financial facilities and schemes for structuring projects, including local currency loans.