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The Japan Bank for International Cooperation (JBIC) has signed a loan agreement on a buyer’s credit totalling ¥7bn (US$61.78mn) with Enka Pazarlama Ihracat Ithalat, a Turkish corporation. The loan is co-financed with ABN Amro Bank, Tokyo branch.
This loan will set up a credit line for Enka Pazarlama Ihracat Ithalat – a company that imports and sells industrial machinery such as construction equipment. The loan will financially support exports of industrial machinery from Japan. Enka Insaat ve Sanayi Anonim Sirketi, the parent company of Enka Pazarlama Ihracat Ithalat, will act as a guarantor for the loan.
This is the first time that JBIC will rely on a Turkish private firm’s credit to provide a loan. In 2004, JBIC set up an export credit line to Turkiye Is Bankasi – the largest private bank in Turkey.
The Turkish economy has been on a stable growth path and has overcome the economic crisis of 2000-01. The country’s trade volume, including its trade with Japan, has been increasing – highlighting the growing business opportunities for Japanese firms in Turkey. Taking advantage of the Turkish economy and the rapidly growing demand for industrial machinery in particular, JBIC has decided to assist Japanese firms with receiving export orders by providing a credit facility to Enka Pazarlama Ihracat Ithalat.