The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on June 14 a loan agreement amounting to up to EUR198 million (JBIC portion) with Mitsubishi Chemical Europe GmbH (MCE), a German company that is invested in by Mitsubishi Chemical Group Corporation (MCG). The loan is co-financed with Sumitomo Mitsui Trust Bank, Limited, bringing the total co-financing amount to EUR330 million.
The loan is intended to finance, through MCE, the funds necessary for C.P.C. SRL (CPC), an Italian subsidiary of MCG, to manufacture and sell carbon fiber reinforced plastic (CFRP) parts for automobiles including battery electric vehicles (BEVs).
CFRPs, composite materials made of carbon fibers and resin, have the characteristics of lightness, high rigidity, and strength. As the demand for BEVs has been growing in the global automobile market to achieve carbon neutrality, CFRPs have been increasingly used as materials for car components which can improve the fuel economy by reducing body weight. MCG is planning to enhance CPC’s production capacity to meet the growing demand for CFRP auto parts. The loan will support MCG’s overseas business expansion, thereby contributing toward maintaining and improving the international competitiveness of Japanese 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.
