Nippon Export and Investment Insurance will provide up to about ¥700 million ($6.83 million) in trade insurance for an infrastructure construction joint venture set up in Myanmar by JFE Engineering Corp, officials said last week.
This is the first such support project of the government affiliate, better known as NEXI, since it sharply expanded the scope of insurance for Myanmar in January 2012 as part of Japan’s economic assistance to the country.
The trade insurance will cover J&M Steel Solutions Co, the joint venture JFE Engineering established with Myanmar’s Construction Ministry in December 2013 to construct bridges, Jiji Press reported.
Of the firm’s total capital of ¥1.2 billion, NEXI will insure up to about ¥700 million, or 95 percent of JFE Engineering’s interest of 60 percent.
