Jbic To Provide $43 Bil. For Japan Firms

JBIC to provide $43 bil. for Japan firmsThe Japan Bank for International Cooperation will set a $43 billion credit line to major Japanese banks to promote Japanese companies' acquisition activities overseas, sources familiar with the matter said Tuesday.




The move, which may be announced Wednesday, is part of the government's plan to set up a $100 billion facility for the government-related bank as part of an effort to ease the negative impact that the yen's recent sharp rise has had on the Japanese economy.
Through the credit line to be extended to the Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank, JBIC intends to provide low-interest U.S. dollar loans to Japanese companies buying foreign companies, the sources said.