JBIC signed an MOU on cooperation in the environment sector with Abu Dhabi Future Energy Company (Masdar), which is indirectly owned by the Government of the Emirate of Abu Dhabi in the United Arab Emirates (UAE). The signing took place in the presence of Prime Minister Shinzo Abe and H. H. General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Masdar, as a government-owned company, focuses on research and development of renewable energy and alternative energy sources to oil. In January 2010, JBIC had equity participation in a fund co-managed by Masdar and mainly investing in climate change mitigation projects. This MOU will further deepen and develop cooperative relations between JBIC and Masdar.
In addition, when Prime Minister Abe made a visit to the UAE in May 2013, Japan and the UAE issued the Joint Statement that confirmed comprehensive partnership in broad areas, including political, economic, cultural and human exchange, as well as the importance of the agenda in the environment sector, including clean and renewable energy, and addressing the climate change problem. The signing of this MOU is consistent with the Joint Statement issued by both governments.