30 May '11, 5am

Japan to finance quake-hit car parts makers

TOKYO: Japan's government-owned bank is planning to set up a 50 billion yen ($617 million dollar) fund to support auto parts makers hit by the March 11 quake and tsunami, an official said Monday. The Development Bank of Japan will launch the fund in June, asking major commercial banks for investment, the bank official said. "The East Japan Great Disaster seriously damaged supply chains of auto parts makers, and we have been discussing possible financial support for them," said the official, who declined to be named. "Our negotiation is in the final stage," the official said. "The size is likely to be as big as 50 billion yen," he said, adding that the bank is scheduled to make an official announcement soon. Under the plan, the bank will offer the investment to the Japan Auto Parts Industries Association, which will then provide cash for its member firms as well as their su...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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