JAPAN: Development Bank to unveil support fund for suppliers 2 June
Japan's Development Bank will tomorrow (2 June) reveal details of a fund designed to assist suppliers following the country's devastating earthquake.
The fund - created in tandem with the Japanese Auto Parts Industry Association (JAPIA) - is believed to be around US$620m although the suppliers body was unable to confirm the exact amount.
"We are preparing to make a fund with the Development Bank of Japan," sources close to JAPIA in Tokyo told just-auto today (1 June). "We don't know the total."
"We are preparing now and tomorrow (2 June) in Japan the bank will have a release."
A spokeswoman in Tokyo for the Development Bank of Japan confirmed to just-autoit was co-operating with the parts association to create the fund.
JAPIA represents 447 members in the country including those hit by the earthquake in Iwate, Miyagi and Fukushima.
Earlier reports indicated the trade association was helping some 200 Japanese parts makers in difficulty, although this was down from a previously estimated 500 manufacturers after the earthquake in March.