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Home Africa

Mozambican project among first to benefit from new Japan trade insurance

FurtherAfrica by FurtherAfrica
November 23, 2017
in Africa, Banking, Economy, Finance, Industry and Commerce, Infrastructure, Mining, Mozambique, Natural Resources, Port, Rail
Reading Time: 2 mins read
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Japan’s Mitsui expects FID on Mozambique LNG project in April-June 2018
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Megabank-financed projects in Chile and Mozambique first to get coverage

State-owned Nippon Export and Investment Insurance is set to insure overseas infrastructure projects by Japanese companies in dollars for the first time, reducing a major barrier to the country’s effort to export its building skills to developing nations.

The insurance, launched in October, will initially cover projects in Chile and Mozambique.

Tokyo-based lenders Sumitomo Mitsui Banking Corp. and Mizuho Bank are among those financing a solar power plant in Chile to be built by trading house Sojitz and utility Shikoku Electric Power. The insurance will kick in at the end of November and cover $47.2 million of the Japanese banks’ loans.

Since the solar farm plans to sell its output on Chile’s wholesale market rather than to a major utility through a purchasing agreement, there is no guarantee that revenue will be sufficient to repay the loan. The insurance coverage will last about 18 years and reimburse up to 90% of the total loan amount.

A rail and port project in Mozambique co-financed by Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Nippon Life Insurance and others will receive insurance protecting up to 90% of the $1 billion loan. Japanese trading house Mitsui & Co. and Brazilian miner Vale are among the project’s investors.

Most Japanese companies finance overseas projects with dollars, but NEXI had only provided trade insurance in yen — a mismatch that could result in losses if the home currency strengthened against the greenback.

Source: Nikkei

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Tags: CDNCLNMitsuiMizuho BankMozambiqueNacalaNEXINippon Export and Investment InsurancePortRailSumitomo Mitsui Banking CorpValeyenモザンビーク莫桑比克
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