Approval of assignment of NEXI-covered loan to fund

Nippon Export and Investment Insurance (“NEXI” Chairman and CEO: Atsuo Kuroda) has approved a transaction to assign a portion of a loan covered by NEXI that is held by the Mizuho Bank, Ltd. (hereinafter referred to as "Mizuho") to an infrastructure fund called "Cosmic Blue PF Lotus II FCP-RAIF" ("Infrastructure Fund"), which was established and is managed by Asset Management One Alternative Investments, Ltd. ("AMOAI").

Last year, NEXI signed memoranda of understanding with 13 private financial institutions with the aim of securing diverse sources of funding for a strong global demand for infrastructure investment. Since then we have considered and discussed creating a framework to make our loan insurance available to new fund providers including institutional investors. Additionally, we launched a new scheme to provide insurance for infrastructure funds and project bonds last December. This is the first case based on the scheme, and we expect this transaction to attract new funders, including institutional investors which are the main source of infrastructure funds and project bonds, to international infrastructure projects.¹

The Infrastructure Fund, which is the assignee of this transaction, is a debt fund that invests in international project finance loans, aiming at providing long-term stable income to institutional investors. Also, through this fund, the National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren) has realized investment in an international project finance loan.

NEXI will continue to work with private financial institutions to support international infrastructure projects, through various financing schemes that will promote the participation of institutional investors.

Reference:

Assignor	Mizuho Bank, Ltd.
Assignee	Infrastructure fund established and managed by AMOAI
Targeted loan	Loan for the Intercity Express Program in the UK sponsored by a Japanese company (The loan agreement was signed in July 2012.)
Insurance type	Overseas Untied Loan Insurance (including for loans)
Covered risks	Political risk 97.5%, Commercial risk 90.0％

Contact:

・For inquiries regarding the insurance system
Policy and Legal Group, Corporate Planning and Policy Office
Tel: +81-(0)3-3512-7655

・For inquiries regarding individual projects
Management Group, Structured and Trade Finance Insurance Department
Tel: +81-(0)3-3512-7675

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¹ Please refer to the press release issued on June 10, 2019:
https://www.nexi.go.jp/en/topics/newsrelease/2019060701.html

   Please refer to the press release issued on December 20, 2019:
https://www.nexi.go.jp/topics/newsrelease/2019121901.html