The government-affiliated Japan Bank for International Cooperation (JBIC) and two private banks have signed a syndicated loan agreement worth USD120 million with Singapore-based major shipping firm IMC Holdings.
The agreement was signed on 4 September and the USD120 million loan will finance the IMC group’s purchase of four multipurpose bulk carriers to be built by Japanese shipbuilder Oshima Shipbuilding Co, JBIC said.
Of the USD120 million loan, USD60 million will come from JBIC and the rest from Citibank Japan and the Tokyo branch of BNP Paribas.
Japanese government-affiliated Nippon Export and Investment Insurance (NEXI) is to provide insurance coverage for the private-sector portion of the syndicated loan.
JBIC said that the loan deal was part of its efforts to help Japanese companies maintain and strengthen their international competiveness. “As Japan’s policy-based financial institution, JBIC will continue to support the export of ships built in Japanese shipyards in partnership with the Shipbuilders’ Association of Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function,” it said.