JAPAN’S EXPORT CREDIT AGENCY LENDS $2B TO NISSAN FOR U.S. SALES

Japan’s state-owned export credit agency has agreed to give Nissan Motor Co. up to $2 billion as part of a credit agreement to help it finance car sales in the United States.

The money is part of a $4.1 billion credit agreement for Nissan Motor Acceptance Corp., a unit of Nissan North America, Japan Bank of International Cooperation (JBIC) said in a press release.

The money should help the Japanese company sell cars in the world’s second-biggest auto market after China by allowing it to provide customers with loans that they can repay in monthly instalments, the export credit agency added in the statement.

JBIC said the US “is an important market for Japanese automobile manufacturers. Sales finance has become an important tool in business strategy.” It added: “This case provides financial support for Nissan’s overseas business development.”