OREANDA-NEWS. March 22, 2010. The ceremony of signing the Loan Agreement between the Government of Turkmenistan and the Japan Bank for International Cooperation (JBIC) took place in Ashgabat. The heads and specialists of the state and joint stock commercial banks of Turkmenistan, the representatives of the authoritative financial institutions of Japan, the Japan Finance Corporation, the NEXI National Export Credit Agency and the Japanese leading companies – Kawasaki Plant Systems LTD, Sojitz Corporation and the Embassy of Japan in Turkmenistan took part in the ceremony.

The Agreement is signed in accordance with the Resolution of Turkmenistan President of March 12, 2010 and the bilateral framework agreements signed during the Turkmen leader’s visit to Japan in December 2009. It provides for granting the loan amounted to over 45 billion Japanese yen under the insurance issued by the NEXI National Export Credit Agency for financing the insurance and credit payments during the period of construction, delivery of necessary equipment and putting the ammonia and carbamide plants into operation in Mary.

According to the Resolution of the President of Turkmenistan on construction of these plants with a view of meeting fully the needs of domestic agricultural producers with mineral fertilizers, the project funded by the Japanese banks such as Mizuho Corporate Bank, Ltd, Tokyo-Mitsubishi UFJ, Ltd and Sumitomo Mitsui Banking Corporation will be implemented by the leading Japanese companies – Kawasaki Plant Systems, LTD and Sojitz Corporation.

Those speaking at the ceremony noted that signing the Agreement was a new important step to built further Turkmen-Japanese cooperation on the long-term, mutually beneficial basis. In this regard the partners expressed belief that constructive partnership, the results of which were the completed, ongoing and future projects, would be successfully maintained.