NEXI has agreed to provide Buyer’s Credit Insurance regarding Japanese export of construction machinery to Turkey’s Enka Pazarlama Ihracat Ithalat Anonim Skirketi (“Enka Pazarlama”). Japan Bank for International Cooperation and Sumitomo Mitsui Banking Corporation (“SMBC”) will jointly establish a credit line of ￥15 billion for the payment of construction machinery and other equipment, of which NEXI will cover ￥7.5 billion extended by SMBC. Enka Insaat ve Sanayi Anonim Sirketi, a parent company of Enka Pazarlama, will guarantee the export payment. The loan agreement was signed on January 5.

 Similar credit line had been established for Enka Pazarlama before and the company’s aggregate borrowing got closer to its limit in July 2011. The Japanese banks have decided to provide the new credit line of ￥15 billion for further purchase of Japanese construction machinery and other equipment by Enka Pazarlama. Establishment of such a credit line will support sustainable growth in Japanese export. It will also enable NEXI to provide a prompt and flexible insurance service for irregular transactions in small quantities. NEXI will continue to support Japanese exports by providing its insurance cover.

(Reference)