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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 30 a loan agreement amounting to up to USD30 million (JBIC portion) with Toyotetsu Canada, Inc. (TTCA), the Canadian 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 USD50 million.
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The loan is intended to finance the funds necessary for TTCA to expand its production equipment for a variety of products, including car skeleton parts.
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Toyoda Iron Works manufactures and sells a variety of products, including car skeleton parts, mainly for Japanese automobile manufacturers in North America, which is the world's leading automotive market, and the company is planning to expand its manufacturing equipment. The loan will support Toyoda Iron Works' overseas business expansion, thereby contributing toward enhancing supply chain resilience and toward maintaining and improving the international competitiveness of the Japanese automobile industry.
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As Japan's policy-based financial institution, JBIC will continue to provide financial support to help with efforts to enhance the supply chain resilience of Japanese industry and assist Japanese companies in the overseas expansion of their businesses.
