Nippon Export and Investment Insurance (NEXI) decided for the first time to underwrite loan insurance for a project financed by the Inter-American Development Bank (IDB) and entered into an insurance contract with IDB. The insured amount is approximately US$200 million, the insurance period is 18 years, and the project is a Brazilian infrastructure development project.
On 24 August, Nippon Export and Investment Insurance decided to underwrite loan insurance for a project financed by the Inter-American Development Bank and entered into an insurance contract with IDB on the same day. The project is financed by IDB, and the contract was signed in Tokyo.
Following the July 2022 amendment to the Trade Insurance Act, eligibility requirements for insured parties under Trade Payment Loan Insurance and Overseas Business Loan Insurance were relaxed, enabling NEXI to provide direct insurance coverage to international organizations and foreign governments, among others, as insured parties.
This is the first case in which NEXI has provided direct coverage under Overseas Business Loan Insurance with IDB as the insured party. IDB is the largest international development institution in Latin America and the Caribbean, supporting a broad range of areas including infrastructure, energy, digital services and the environment.
The insured amount was set at approximately US$200 million (approximately ¥32 billion), with an insurance period of 18 years. The move is expected to support the expansion of Japanese companies' business activities in Latin American and Caribbean projects.