Singapore seawater desalination firm Hydrochem has obtained a US$14.4mn buyer’s credit agreement from Japanese banks.
The loan is co-financed in equal amounts (US$7.2mn) by JBIC and Mizuho Corporate Bank, with Nippon Export and Investment Insurance (Nexi) providing buyer’s credit insurance.
The loan will finance the purchase of key components manufactured by Japanese companies Toray Industries, Torishima Pump Manufacturing and Mitsui, for Singapore’s largest membrane-based seawater desalination plant in the west of the country.
JBIC says the deal will contribute to maintaining and improving the international competitiveness of Japanese companies in water-related business.
The bank signed a memorandum of understanding (MOU) with Hydrochem’s parent company Hyflux in August 2009 to increase global co-operation on water projects. The loan is the first extended by JBIC to the company within this MOU.
“Water-related business has been growing at the global level, as water shortages caused by population growth and expanding economic activities have been drawing increasing interest to water issues.
“JBIC will continue to support the export of water-related plant facilities and overseas deployment of water-related business by Japanese companies, in partnership with domestic and foreign companies and organisations involved in water business,” the bank adds.
Last Updated June 18, 2012
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