JBIC opens credit lines to Chile

In its first such deal offered to a private financial institution in Chile, the Japan Bank for International Cooperation (JBIC) has agreed to arrange dual-currency export credit lines with Banco Santander Chile.

The credit lines will be worth ¥4bn and US$40mn respectively and will be used to provide financing for Chilean businesses to import mining and construction machinery and digital broadcasting equipment from Japanese firms.

This comes after the two countries signed an economic partnership agreement (EPA) in September 2007.

JBIC has stated that these credit lines will support the expansion of Japanese exports under the bilateral EPA framework.