JBIC TO CHANNEL UP TO US$300 MLN TO FINANCE JAPANESSE BUSINESSES IN ASEAN

KUALA LUMPUR, March 29 (Bernama) -- The Japan Bank of International
Cooperation (JBIC) sealed a long-term US$300 million facility with CIMB Group
Holdings Bhd Monday to finance the small-and-medium enterprise (SME) businesses
of Japanese companies cross Asean minus Singapore.

CIMB Group will disburse the funds for the JBIC Asean facility which is
aimed at providing funding stability and financial support not only to Japanese
companies but also, and mainly to, domestic companies that have business
dealings with Japanese firms in all developing Asean countries.

The fund, available for sectors across the board, is available in both local
and foreign currencies, is expected to largely flow into Indonesia due to the
current dynamics and its growth outlook, said CIMB Group Chief Executive Nazir
Razak who witnessed a signing ceremony between both parties here
Monday.

Also present were JBIC Resident Executive Officer for Asia and Oceania
Ryuichi Kaga, Japanese Ambassador to Malaysia Masahiko Horie, CIMB Niaga
President Director Arwin Rasyid and CIMB Thai's Chief Executive Officer Subhak
Siwaraksa.

"We believe the JBIC Asean Facility comes at an opportune time as Asean
businesses are looking to expand and as governments gradually phase out pump
priming measures in order for economic growth to be driven by the private
sector," he said.

However, Nazir also said the facility was not to fund big projects as the
largest fund size for a company is anticipated to be around US$25 million.

"JBIC's intention is to provide access to funds for companies that are less
able to access funds and not for the big corporates," he said, adding that the
facility was the largest facility provided to a commercial financial
institution.

It is also the fifth to be channeled directly to businesses across the
entire region via a single banking group.

"Through CIMB Group's position as the leading universal bank in the Asean
region, JBIC will expand its access and offer facilities, albeit, directly to
local companies through Asean countries," said Kaga.

There are more than 1,400 Japanese firms operating in Malaysia and
approximately 10,000 Japanese live in the country.

-- BERNAMA