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The Japan Bank for International Cooperation (JBIC) has signed a loan agreement totaling US$300mn with Alum­nio Brasileiro (Albras). The loan was co-financed with Mizuho Corporate Bank, Sumitomo-Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi and UFJ Bank. JBIC has joined forces with the private sector to form this loan.
Mizuho Corporate Bank, played a coordinating role in mobilising the private funding, while JBIC provided a guarantee for the portion financed by the private banks.
Established in 1978, Albras is Brazil’s largest aluminium producer and produces 440,000 tonnes of aluminium ingot annually. Relying on Albras’s credit, this loan will meet the financial needs of the Japanese aluminium industry to secure imports of aluminium from Albras, thereby enabling Albras to produce aluminium ingot on a stable and long term basis for the next 12 years.
Aluminium is a material that has many uses – for example, in the manufacture of automobiles, aircrafts and other transportation vehicles, drinking cans, building products as well as IT products. In Japan, nearly all the demand (99%) for new aluminium ingot is met by imports. With prices of natural resources having increased in recent years, it is becoming even more important to secure access to aluminum.