Product category:
Manufacturing finance: production investment support
News Release from: Japan Bank for International Cooperation | Subject: Loan agreement for steel
Edited by the Manufacturingtalk Editorial
Team on 28 June 2002
Japanese bank supports Turkey's steel
industry
The Japan Bank for International Cooperation (JBIC) has signed a loan agreement totalling US$14 million with Borcelik Celik Sanayii Ticaret AS, a steel mill in the Republic of Turkey.
The Japan Bank for International Cooperation (JBIC) has signed a loan agreement totalling US$14 million with Borcelik Celik Sanayii Ticaret AS, a steel mill in the Republic of Turkey The loan is cofinanced with ABN Amro Bank NV
This article was originally published on Manufacturingtalk on 24 Jan 2003 at 8.00am (UK)
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Borcelik, based in Bursa, south of Istanbul, is Turkey1s only private steel mill and the country's second largest producer of steel sheets.
JBIC will provide a direct loan (buyer's credit) to finance the Japanese export of a complete set of reverse cold milling facilities to the mill.
The Japanese exporter is Itochu Corporation and the domestic manufacturer is Mitsubishi-Hitachi Metals Machinery.
In order to receive such loans, Turkish borrowers usually need to obtain guarantees from the Turkish government or else the loans have to be extended through the government itself.
This loan is the first to be given directly to a borrower, with the guarantee provided by a Turkish private-sector commercial bank - in this case, Yapi ve Kredi Bankasi AS.
Despite a growing domestic demand for steel, Turkey still depends on imports for steel sheets.
The expansion of this cold rolling mill will increase steel sheet production, and the additional output is expected to replace imports.
The Japan Bank for International Cooperation (JBIC), the result of the merger between the Export-Import Bank of Japan (JEXIM) and the Overseas Economic Cooperation Fund (OECF), was established on 1 October 1999.
With its capital fully subscribed by the Japanese Government, JBIC is the main institution responsible for Japan1s official financing overseas.
JBIC has therefore taken over the International Financial Operations (IFOs) of the former JEXIM, which contributed to the promotion of Japan1s exports, imports and overseas direct investment while encouraging the activities of private financial institutions as well as the stability of the international financial order.
JBIC has also taken over the Overseas Economic Cooperation Operations (OECOs) of the former OECF as a core financial institution to assist developing countries in their efforts to develop economic and social infrastructure and stabilise their economies through the provision of low-interest and long-term yen loans on the Official Development Assistance (ODA) terms.
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