November 2012

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turbine and boiler manufactured by Mitsubishi Heavy. Industries, Ltd., and IHI ..... TSL to Bank Eksport Indonesia to support trade finance. Investment TSL to P.T. ...


JBIC’s First Project Financing in Morocco Buyer’s Credit Agreement for Power Plant Project With Deputy Director Tsunehiro Nagasawa, Unit 3, Power and Water Finance Department, Infrastructure Finance Group Jorf Lasfar Energy Company plant due for completion in 2014

Increased Demand for Electricity

Harmonious Meeting of the Minds JBIC had to do significant study when it received this project finance request from TAQA in 2010.

Looking to the Future Morocco has approached the problem of rising power demand with projects involving plants using coal-fired power as well as sustainable energy. Like this project, which used core components from Japanese companies, Morocco is interested in technological support from Japan in the future. After repeated visits to the country, Nagasawa found the project resulted in trust between JBIC and Morocco. About building on this positive relationship, he says, “I would like to work more toward supporting Morocco’s infrastructure and be involved in finance that sharpens the competitive edge of Japanese companies in international markets.”

Jorf Lasfar Energy Company, Recipient Buyer’s Credit Agreement On June 21, 2012, in Morocco, JBIC signed a buyer's credit agreement totaling up to U.S. $216 million (JBIC portion) with JLEC 5 & 6. The total amount of the loan, equivalent to approximately U.S. $360 million, is cofinanced with commercial banks. Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the cofinanced portion.

Recyclable No part of this magazine may be reproduced without the written permission of JBIC.

This publication can be recycled to produce print-quality paper.

JBIC publishes this magazine quarterly. Printed in Japan


Given Morocco’s economic growth and expanding electrification to areas without power, demand is expected to increase 7% per year. By 2020, twice the current capacity will be needed. Plants in Jorf Lasfar now produce about a quarter of the country’s power, and these plants are considered Morocco’s most important generators. Abu Dhabi National Energy Company P.J.S.C. (TAQA), a subsidiary of Abu Dhabi Water and Electricity Authority, which is wholly owned by the Abu Dhabi government, will build a coal-fired power plant in a compound adjacent to a running power plant. Once operational, a project company in which TAQA has equity stakes will sell generated electricity to the Office National de Deputy Director Tsunehiro Nagasawa l'Electricité et de l’Eau Potable for a period of 30 years. The plant, due for completion in 2014, will perform a substantial role as the country's power source, generating an estimated 10% of Morocco's demand for electricity.

Press and External Affairs Division, Corporate Planning Department, Corporate Group, Japan Bank for International Cooperation

*Excluding ODA transactions made to the country by the former JBIC Overseas  Economic Cooperation Operations (OECOs).

Because it was the first time for JBIC to extend a loan to Morocco since 1983, it was vital to obtain the latest information on the country. Furthermore, as repayments made in a project finance loan come solely from cash flow generated by the project and are secured only on project assets, a detailed risk analysis of the project was necessary. The analysis included survey and understanding of local law and legislation in areas like the regulatory framework of the electricity sector, company law, security interest, and insolvency law. Insight into Morocco’s power market was also needed. What’s more, project finance transactions are less common in Morocco. In heading up the loan in 2010, Nagasawa recalls the challenge of explaining problems in project structure and how efforts in communication eventually led to a harmonious meeting of the minds. After a year and a half, on June 21, 2012, the deal was closed.

4-1, Ohtemachi, 1-chome Chiyoda-ku, Tokyo 100-8144, Japan Tel. +81-3-5218-3100

Nearly 30 years have passed since JBIC made a loan to Morocco*. A buyer’s credit agreement signed with Jorf Lasfar Energy Company 5 & 6 S.A. (JLEC 5 & 6) in June 2012 marks the first project finance by JBIC to Morocco, and it will fund a portion of construction costs for a coal-fired power plant to be built in Jorf Lasfar, southwest of Casablanca. A consortium including Mitsui & Co., Ltd., is undertaking the construction, with core components of the steam turbine and boiler manufactured by Mitsubishi Heavy Industries, Ltd., and IHI Corporation, respectively.

JBIC Today November 2012




Supporting the Overseas Expansion

Special Feature

Of Mid-Tier Enterprises and Small and Medium-Sized Enterprises


As of 2009, the number of Japanese enterprises including sole proprietorships stood at 4.23 million; those with less than ¥one billion in capital—mid-tier enterprises and small and medium-sized enterprises (collectively, “SMEs”)—accounted for a remarkable 99.6%, at 4.21 million. According to some statistics, SMEs generate about half of the value added in the manufacturing industry and hire approximately threequarters of all regular employees in Japan. The SMEs clearly play a large role in contributing the Japanese economy. Meanwhile, against the backdrop of increasing globalization, yen appreciation, and a shrinking domestic market due to an aging population and a dwindling birthrate, more and more Japanese enterprises are competing for market share in emerging countries, especially in Asia, the world’s growth center. In particular, product development targeting emerging middle-income groups, called “volume zones,” has taken hold in a wide range of spheres in which Japanese manufacturers are striving to create new markets in emerging countries through

Deployment of Overseas Operations by SMEs

Active Aspiration to Advance Overseas

■ Ratios of Overseas Production*1 and Overseas Sales*2 Medium-term Plans (FY2014)


According to the JBIC FY2011 survey report on the overseas business operations of Japanese manufacturers1 (total respondents: 603 companies, including 156 SMEs), the projected FY2011 overseas production ratio of SMEs is 36.4% (34.2% in total, including large corporations); the projection for FY2014 is 41% (38.5%), respectively; and the projected FY2011 overseas sales ratio is 35.3% (35.9%). These figures show that overseas operations by SMEs differ little from those of large corporations. Further, responses to the survey show increased interest in overseas business deployment: 78.5% of respondents indicated an intention to strengthen and expand operations, while 21.5% planned to maintain operations at the present levels. 1 Surveyed were 977 companies, which have three or more overseas affiliates (including at least one production base); 603 companies returned valid responses, of which 67 were small and medium-sized enterprises with less than ¥300 million in capital, and 89 were mid-tier corporations with ¥300 million to under ¥1 billion in capital.

Supporting the Overseas Expansion



35.9 35


Overseas Sales Ratios 30



34.7 34.2 34.7




34.2 Projected

30.8 31.0 30.5 30.6

Overseas Production Ratios


Expanding overseas business. Projected FY2014 overseas production ratios are 41.0% for SMEs, 38.5% in total, including large corporations.

28.0 26.0 26.1


24.6 0














*1 (Overseas Production) / (Domestic Production + Overseas Production) *2 (Overseas Sales) / (Domestic Sales +Overseas Sales) *3 Ratios were calculated by simply averaging the values the respondent companies provided.

■ Medium-term Prospects (next three years or so) Projection of Overseas Business Operations (%) All Responses 1.0









SME Responses 0.7 16.5

0.2 12.6








Scale back/Withdraw


2.0 17.2



0.7 30.2










Companies focusing on overseas business development. 78.5% of SMEs want to strengthen or expand.




Maintain present level





Enter Of Mid-Tier Enterprises and Small and Medium-Sized Enterprises providing technologies independently or through joint ventures locally. And while major Japanese companies expand their overseas production and local deployment, SMEs are also active in overseas business development. The JBIC annual survey report on the overseas business operations of Japanese manufactures shows an upward trend in both the overseas production and sales ratios of SMEs. Further, it shows that SMEs already operating overseas plan to strengthen and expand their overseas business in the coming years. As for fears of a domestic hollowing-out accompanying such overseas expansion, we can see that many manufacturers are developing overseas operations while remaining cognizant of the division of roles with domestic operations, where more than 80% of SMEs looking overseas have indicated that they plan to either maintain or expand domestic operations. JBIC coordinates with financial institutions and related organizations in and outside of Japan to support the overseas business deployment of SMEs by arranging financial support through loans and by providing seminars and information on overseas investment opportunities. 22 JBIC JBIC Today Today November November 2012 2012



Support of SMEs’ Overseas Business Deployment

Strengthening the Support System

Coinciding with the launch of the Japan Bank for International Cooperation in April 2012, we established specialized units to support SMEs at the Head Office (Tokyo) and West Japan Office (Osaka) as part of the Industry Finance Group to facilitate the support of SMEs. We strengthened our support system by allocating expert staff to provide information pertaining to loans and overseas investments, and launched a consulting service for the legal, accounting and tax issues that client companies may face in their overseas business forays. With these specialized units, supported by the 17 representative offices in our worldwide network and the cooperation of financial institutions, we are well equipped to support SMEs in their overseas business deployment.

■ Organization of Finance Department of JBIC (as of October 2012) Energy, Natural Resources and Environment Finance Group Oil and Gas Finance Department

Infrastructure Finance Group

Power and Water Finance Department

Mining and Metals Finance Department Nuclear and Renewable Energy Finance Department

Industry Finance Group Corporate Finance Department Marine and Aerospace Finance/ Financial Products Department

Transportation and Telecommunication Finance Department

Special Advisor for SMEs Finance Division for SMEs of East Japan

Specialized units were established to support SMEs. Coordination with regional financial institutions and overseas local financial institutions was strengthened.

West Japan Office Finance Division for SMEs of West Japan

JBIC is further strengthening the support of SMEs.

JBIC Today November 2012 3

Special Feature

Supporting the Overseas Expansion Of Mid-Tier Enterprises and Small and Medium-Sized Enterprises

①Overseas Investment Loans Loans


②Export Loans Government financial institution, etc., in foreign country, Japanese bank



Loans (B/C)*2


Loans Japanese firm (s) (parents)

Loans (B/L)*1

Loans Equity investment

Loans Project (s) in foreign country (ies)


Japanese affiliate (s) Equity investment Joint venture partner (s)

Overseas investment loans support Japanese foreign direct investments. They are extended to Japanese companies (parent companies), overseas affiliates (including joint ventures) and governments or financial institutions that make equity investments in or extend loans to such overseas affiliates. For SMEs, direct loans can be made to parent companies, and two-step loans (TSLs) for domestic financial institutions are also available. Loans can be in foreign currencies including the U.S. dollar as well as in yen. Overseas investment loans are also available to developed countries in eligible sectors2. 2 Eligible Sectors of Overseas Investment Loans in Developed Countries (as of October 2012) Railways (high-speed, inter-city projects and projects in major cities), water business, renewable energy power generation, nuclear power generation, power transformation, transmission and distribution, high efficiency coal-fired power generation, coal gasification, carbon capture and storage ( CCS ) , smart grids, development of telecommunication network, biomass fuel production, high efficiency gas-fired power generation, aircraft maintenance and sales, M&A activities, etc.

Japanese exporter (s)

Exports of plants, etc.

Financial institution, etc., in foreign countries Loans

Importer (s) in foreign country (ies)

■ Support System for Overseas Business Development for Mid-Tier Enterprises and SME with Local Financial Institutions

*1 Loan to foreign financial institutions (Bank-to-Bank Loan or “B/L”). *2 Loan to foreign importers (Buyer’s Credit or “B/C”).

Export loans provide funds to support the export of Japanese machinery, equipment and marine vessels and the overseas transfer of related technologies. They are provided to overseas importers and financial institutions. In particular, a broad range of mid-tier enterprises and SMEs is involved in manufacturing parts for marine vessels and plant facilities, and support through export loans is expected to have a ripple effect on domestic industries. Export loans are also available to developed countries in eligible sectors3.

3 Eligible Sectors of Export Loans in Developed Countries (as of October 2012) [Integrated Infrastructure System Projects] Railways (high-speed, inter-city projects and projects in major cities), water business, biomass fuel production, renewable energy power generation, nuclear power generation, power transformation, transmission and distribution, high efficient coalfired power generation, coal gasification, carbon capture and storage (CCS), highly efficient gas-fired power generation and smart grids. [Other Export Transactions] Ships, satellites, aircraft, medical positron beam therapy equipment

Financial Support Financial support tools used by JBIC for SMEs include investment loans and export loans provided from the standpoint of “maintaining and improving the international competitiveness of Japanese industries.” In addition to overseas investment loans and export loans, JBIC provides two-step loans (TSLs) ─ loans via overseas local financial institutions ─ untied loans to promote Japanese companies business activities on the countries where they expanded their operations and expansion of trade and investment relations between Japan and these countries.

JBIC ( Representative Offices )

Information Sharing・Consulting


Japan External Trade Organization ( JETRO ) ( Domestic & Overseas Offices )

Information Sharing・ Consulting

Dispatching of Personnel

Japanese Financial Institutions

Information Sharing・Consulting Information Sharing・Consulting Information Sharing・ Consulting Guarantees

Foreign company owned by Japanese SME

Japanese SMEs Overseas Expansion ( parent company )

Japanese financial institutions can receive further cooperation from the following institutions, if deemed necessary, and hold business meetings, etc., overseas as well as in Japan: Japan Finance Corporation (SME Unit); Shoko Chukin Bank; Development Bank of Japan; Organization for Small & Medium Enterprises and Regional Innovation, Japan; The Japan Chamber of Commerce and Industry.

Information Sharing・ Consulting

Information Sharing・ Loan Loan Consulting

Japan Desk Local Financial Institutions, etc. ( in Asia, etc.)

Information Sharing・Consulting Dispatching of Personnel Guarantees Loans, etc. Information Sharing・ Consulting Signing of the MOU Japan Desk establishment, sharing information, etc.


Note: Details on financing (loans, guarantees, etc.) will be available at a later date. Note: A cofinance commitment from a Japanese financial institution (local financial institutions, mega-banks, etc.) will be required for a loan from JBIC (two-step loan).

Partnership with Japanese Regional Financial Institutions MOU concluded with Kasikornbank, Thailand

Partnership with Overseas Local Financial Institutions

4 JBIC Today November 2012


JBIC supports the overseas business deployment of SMEs through cooperation with domestic and foreign commercial financial institutions and institutions such as JETRO.

MOU concluded with PT. Bank Negara Indonesia

JBIC supports SMEs in partnership with overseas local financial institutions.4 JBIC has established relations with overseas financial institutions through business cooperation agreements. This allows JBIC to arrange the funding required by Japanese companies in their overseas operations, as well as funds required by companies locally incorporated by Japanese companies, or local companies having business relations with Japanese companies through a supply chain in their local operation and exports to third-countries. With such a network in place, JBIC has been enhancing its system to support the overseas advance of Japan’s SMEs. JBIC signed a memorandum of understanding (MOU) with

formed the framework for conducting continuous consultation on the specific means of cooperation and coordination in supporting Japanese SMEs overseas activities. Many Japanese regional banks have already joined the framework. As of October 2012, 24 Japanese regional financial institutions are participating in the MOU with Kasikornbank, Thailand, and 23 with the PT. Bank Negara Indonesia.

Services Agency, Ministry of Finance and Ministry of Economy, Trade and Industry on December 21, 2010. Since this announcement, JBIC has coordinated with the Regional Banks Association of Japan and selected overseas local banks while confirming SME needs, concluding MOUs with each bank. Under these MOUs, JBIC has encouraged overseas local financial institutions to launch and expand “Japan Desks,” and

MOU concluded with the State Bank of India

Kasikornbank, Thailand, in May 2011, PT. Bank Negara Indonesia in July 2011, and State Bank of India in August 2012 to establish a support system for these SMEs through Japan’s regional financial institutions. The MOUs were concluded based on the “Development and Strengthening of Support System by Financial Institutions for Small and Medium Enterprises’ Entry into Asia through Coordination among Japanese Regional Financial Institutions, Japan Bank for International Cooperation and Japan External Trade Organization,” jointly announced by the Financial 4 For major loans for overseas local financial institutions, please see the JBIC website ( ) and P7 of this issue.

An important factor in the overseas business deployment of SMEs is the role of their financial institutions, including Japanese regional financial institutions. To date, JBIC and regional banks and other financial institutions have co-financed overseas expansion of their local SMEs, jointly held seminars on overseas expansion, and exchanged information and opinions through business cooperation agreements. Recently, we have concluded cooperation agreements to support overseas business activities by Japanese companies, including SMEs, and exchange information on investment opportunities in foreign countries with The Senshu Ikeda Bank, Ltd. in July 2011, and with The Bank of Fukuoka, Ltd., The Kumamoto Family Bank, Ltd. and The Shinwa Bank, Ltd. that constitute Fukuoka Financial Group in August 2011. We have similar agreements with others.* At the same time, JBIC provided a TSL to the NishiNippon City Bank in FY2010 as part of Emergency Measures in Responses to Global Financing Turmoil for Japanese companies requiring steady U.S. dollars and other foreign currency funding. In March 2012, in collaboration with the Bank of Fukuoka, JBIC provided Matsumoto Industry Co., Ltd., an SME automotive part maker, the funds necessary to enter the Chinese market, its first overseas business operation,

and in July 2012 offered a U.S. dollarbased credit line with the Senshu Ikeda Bank to support Japanese SMEs for funding their overseas business A TSL provided to Nishi-Nippon City Bank, Ltd., funded activities. Chikusui Canycom, Inc. is affiliate company in China. Lastly, in July 2012, we held a meeting in Bangkok for Japanese banking representatives stationed there to meet and discuss ways of supporting Japanese corporate business activities. This is another example of how we are strengthening our support system for SMEs overseas Automobile seat part produced business development in coordination by the affiliate company owned by Matsumoto Industry Co., Ltd. with regional financial institutions. in China, which is co-financed by The Bank of Fukuoka, Ltd., and JBIC.

*Shinkin Central Bank, The Michinoku Bank, Ltd., the Aomori Bank, Ltd., the Hachijuni Bank, Ltd., the Chiba Bank, Ltd., the Shizuoka Bank, Ltd., the Shonai Bank, Ltd., the Bank of Kyoto, Ltd., the Chugoku Bank, Ltd., the Hiroshima Bank, Ltd., the Nishinippon City Bank, Ltd.

JBIC Today November 2012 5


Special Feature

Supporting the Overseas Expansion Of Mid-Tier Enterprises and Small and Medium-Sized Enterprises


Recent Loans to Major Mid-Tier Enterprises and SMEs and Two-Step Loans to Domestic and Overseas Financial Institutions

Supporting SMEs by Providing Information

Providing Information through Pamphlets and Consulting

JBIC prepares information materials on the investment climates of foreign countries through onsite surveys and interviews. These reports on the investment climate are available as a series in print as well as online at the JBIC website and on Facebook. In addition, staff of the specialized units for SME support gives advice and general consultation to clients with inquiries about conducting business overseas, as well as providing client companies with advice from legal, accounting and tax service specialists. Working together with prefectural and municipal governments and local chambers of commerce and industry that support the overseas entry of their local companies, we offer trade and foreign investment advice and hold seminars on overseas business deployment throughout the country. Our itinerant advisory service is being offered regularly in Sendai, Ota (Gunma Prefecture), Tokyo and Nagoya, where we respond to inquiries on overseas investment climate and on long-term fund-raising. In addition to an introductory seminar on overseas entry, we held a seminar in July and October 2012 to explain the business environment surrounding SMEs, key points to remember in planning an overseas business deployment, and other relevant topics based on our recent survey, “Current Status and Problems of Recent Overseas Business Activities by Japanese SMEs,” analysis of case studies (export, direct investment) and showcasing talks by the client companies who had cooperated in the survey. As for the JBIC annual “Survey on Overseas Business Operations by Japanese Manufacturing Companies,” we reported the FY2011 result in Sapporo, Ota, Tokyo, Nagano, Niigata, Toyama, Fukui, Nagoya, Okazaki, Kyoto, Osaka, Kobe, Fukuyama, Fukuoka and Miyazaki in cooperation with a local chamber of commerce and industry or with a regional financial institution. Further, in June 2012, we invited our SME clients in western Japan for gathering on the themes of “developing the ability of Japanese representatives stationed overseas” and “utilization of local staff.” Through these initiatives and more, JBIC will actively support SME overseas business deployment on both aspects of financing and information. Seminar held in July 2012, entitled “Current Status and Problems of Recent Overseas Activities by Japanese SMEs—Based on Case Studies of Mid-Tier Firm and SME Overseas Businesses”. JBIC holds seminars, briefings and consultation meetings on overseas business deployment throughout Japan. For details, see JBIC website.

6 JBIC Today November 2012

TSLs to Japanese Financial Institutions Based on “Emergency Operations to Support Japanese Overseas Activities”

Russia Hashimoto Denki Co., Ltd. Export of plywood production facilities

Russia Export B/L to Sberbank of Russia Open Joint-stock Company



Wako Filter Technology Co., Ltd. Manufacturing and sales of filters for automobiles and construction machinery

Fukuda Metal Foil & Powder Co., Ltd. Manufacturing and sales of electrolytic foils



Tokusen Kogyo, Ltd. Manufacturing and sales of special metal wires

Nagaoka International Corp. Manufacturing and sales of petrochemical and water treatment plants

Based on “Emergency Operations to Support Japanese Overseas Activities” implemented for a set period of time in response to the global financial crisis after 2008, JBIC provided TSLs to three mega-banks and regional banks for a total of $11.8 billion for Japanese company overseas investment activities (including in developed countries). Loan funds were used in 3,109 cases. Mid-tier enterprises and small and medium enterprises (807 cases, 26%) and medium-sized and second-tier large enterprises (1,716 cases, 55%) comprised the main portion of these cases.

Ratios of TSLs to Japanese Financial Institutions by Enterprise Size (loans provided after FY2009)

Small and medium 16.1% Mid-tier 9.8%

Large 18.8% Second-tier large 18.9%


Enterprise Classification by Capital ■ Small and medium-sized enterprises  300 million yen ■ Mid-tier firms

>300 million yen and <1 billion yen

■ Medium-sized firms

 1 billion yen and  10 billion yen

■ Second-tier large enterprises >10 billion yen and  25 billion yen

Medium-sized 36.3%

■ Large enterprises

>25 billion yen

Export B/L to Bulgarian Development Bank

Ukraine Export B/L to State Export-Import Bank of Ukraine

Japan Turkey

Investment TSL to Senshu Ikeda Bank

Export B/C to Enka Pazarlama Ihracat Ithalat A.S. Export B/L to Turkiye Is Bankasi A.S. Renewable energy-related export B/L to Turkiye Is Bankasi A.S.



Sankin Corporation Manufacturing and sales of cold drawn steel pipes

Samtech Corp. Manufacturing and sales of automobile parts

India Bestex Kyoei Co., Ltd. Manufacturing and sales of automotive pressed components

Mexico Electric power export of B/C to Federal Electricity Commission GREEN united TSL to Banco Nacional de Comercio Exterior

Philippines Untied TSL to Development Bank of the Philippines




RP Topla Ltd. Manufacturing and sales of plastic injection molding

Tamano Kasei Co., Ltd. Manufacturing and sales of automotive components

Yamatogawa Shiko Co., Ltd. Manufacturing and sales of films to paper diapers

African region Export B/L to African Export-Import Bank Export B/L to Eastern and Southern African Trade and Development Bank

Thailand Investment TSL to Bangkok Bank Public Company Limited TSL to Kasikorn Bank Public Company Limited Untied TSL to Kasikorn Bank Public Company Limited (flood measure) Untied TSL to TMB Bank

India Export B/L to ICICI Bank Limited. TSL to ICICI Bank for support of trade financing GREEN Untied TSL to ICICI Renewable energy-related Export B/L to ICICI Bank Limited.



Kyoto Biken Laboratories,Inc. Manufacturing and sales of veterinary vaccines

Ogino Kogyo Co., Ltd. Manufacturing and sales of automobile engine components

Singapore * A two-step loan (TSL) is a loan wherein JBIC offers a credit line for a financial institution (financial intermediary) in Japan or overseas, which draws a loan from the credit line as the first step and, as a second step, loans funds to the end user (local firms, local Japanese affiliates, etc.). “Export B/L” refers to a loan provided to foreign importers of Japanese goods. Investment TSL is an overseas investment loan made in support of Japanese business expansion overseas. Untied TSL is a loan that does the following: supports expansion of overseas opportunities for Japanese companies, maintains and improves local business climate, and more. ** Green TSLs are loans given to renewable energy projects, energy optimization projects, and other green projects that seek to preserve the global environment.

Central & South American Regions GREEN Untied TSL to Corporación Andina de Fomento GREEN Untied TSL to Banco Centroamericano de Integración Económica

Indonesia Untied TSL to Export-Import Bank of Malaysia Berhad TSL to Export-Import Bank of Malaysia Berhad to support trade finance Untied TSL to RHB Bank Berhad Untied TSL to CIMB Bank Berhad Untied TSL to Malayan Banking Berhad

Export B/L to Banco Bradesco S.A. Export B/L to Banco do Brasil S.A.

Kyowa Altec Co., Ltd. Manufacturing and sales of motorbike components

Onomichi Dockyard Co., Ltd. Manufacturing and Export of bulk carriers




Export B/L to Bank Eksport Indonesia TSL to Bank Eksport Indonesia to support trade finance Investment TSL to P.T. Bank Resona Perdania

Peru Export B/L to Banco de Credito del Peru

Chile Export B/L to Banco Santander Chile

JBIC Today November 2012 7