The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on September 28 a loan agreement amounting to up to USD36 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 USD60 million.
The loan is intended to finance the funds necessary for TTAI to renew its production equipment for a variety of products, including main car body structure parts.
Toyoda Iron Works manufactures and sells a variety of products, including main car body structure parts, mainly for Japanese automobile manufacturers in North America, which is the world's leading automotive market, and the company is planning to renew its manufacturing equipment. The loan will support Toyoda Iron Works' overseas business expansion, thereby contributing toward enhancing supply chain resilience and maintaining and improving the international competitiveness of the Japanese automobile industry.
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 industries and assist Japanese companies in the overseas expansion of their businesses.
