The Japan Bank for International Cooperation signed today a loan agreement totaling to CNY4.5 million (JBIC portion) with Saitama Aluminum Forging Danyang Co., Ltd. (SAFD), a Chinese subsidiary of Saitama Press Forging Co., Ltd. (Saitama Press Forging; Headquarters: Saitama Prefecture; President: Tatsuji Utsumi). The loan is cofinanced with The Shimizu Bank, Ltd.
This loan is intended to fund Saitama Press Forging for the manufacturing and sales of aluminum press forgings through SAFD in Danyang, Jiangsu Province, China. Saitama Press Forging, which was founded in 1972, is a small and medium-sized (SME) enterprise manufacturing and selling aluminum forgings for automobile parts etc. In September 2012, the company established SAFD, its first overseas base, and plans to increase its overseas business through SAFD in China where the automobile market is expected to continue to expand backed with its steady economic growth. The loan will support such overseas business deployment of Saitama Press Forging and thereby contribute to maintaining and strengthening the international competitiveness of Japanese industries.
As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and SMEs, in growing markets such as China, by drawing on its various financial facilities and schemes, including loans to meet the local currency needs, for structuring projects, and performing its risk-assuming function.