Ex-Im Bank, Japan Bank for International Cooperation Sign Co-financing Agreement to Facilitate U.S., Japanese Export Sales
October 24, 2012
(Ex-Im Bank)
WASHINGTON, D.C. --- Officials from the
Export-Import Bank of the United States (Ex-Im
Bank) and the Japan Bank for International
Cooperation (JBIC) today signed a co-financing
agreement that will facilitate future export
transactions involving companies in both the
United States and Japan.
The agreement enables Ex-Im and JBIC to provide
“one-stop-shop” export finance services to
buyers in third countries purchasing both U.S.
and Japanese goods and services. The two
nations’ export credit agencies (ECAs) will
provide a one-stop-shop financing package,
creating administrative efficiencies for
foreign buyers. The agreement complements one
signed in 2004 between Ex-Im Bank and Japan’s
Nippon Export and Investment Insurance (NEXI).
JBIC Chief Operating Officer and Senior
Managing Director Fumio Hoshi, representing
JBIC Governor Hiroshi Okuda and Ex-Im Senior
Vice President for Policy James C. Cruse,
representing Ex-Im Bank Chairman and President
Fred P. Hochberg, signed the agreement at
Ex-Im’s headquarters in Washington, D.C..
“This arrangement paves the way for Ex-Im Bank
and JBIC to co-finance projects, enabling
exporters in both the U.S. and Japan to select
the best mix of price and technology to
strengthen their overseas bids and support
jobs,” said Hochberg. “At the same time,
exporters will be able to provide their buyers
with only one set of terms and conditions
covering both countries’ exports.”
JBIC is a policy-based financial institution of
Japan, and conducts lending, investment and
guarantee operations while complementing the
private sector financial institutions.
This is the first “One-Stop Shop” co-financing
agreement signed by JBIC with another ECA.
In addition to the JBIC and NEXI co-financing
agreements, Ex-Im Bank currently has signed
bilateral one-stop-shop agreements with ASHR’A
(Israel), Atradius (The Netherlands), Coface
(France), ECGD (U.K.), EDC (Canada), EFIC
(Australia), EKF (Denmark), Euler Hermes
(Germany), and SACE (Italy) and is in
discussions with other ECAs to sign additional
bilateral agreements. Ex-Im Bank will consider
co-financing transactions without a formal
bilateral agreement on a case-by-case basis. In
fact, Ex-Im Bank has concluded a number of one
off co-financing arrangements with GIEK
(Norway), H-EXIM (Hungary) and ONDD (Belgium).
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