JBIC Signs MOU with Attijariwafa Bank, the Largest Bank in Morocco
To enhance New Business Opportunities in the African continent for Japanese Companies
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on August 26, a memorandum of understanding (MOU) with Attijariwafa Bank (AWB), taking the opportunity of the 6th Tokyo International Conference on African Development (TICAD VI) held in Nairobi, Kenya. The objective of this MOU is to strengthen the cooperative relationship between JBIC and AWB for enhancing Japanese companies’ exports and investments in the African countries, including Morocco.
AWB is the largest commercial bank in Morocco and the sixth largest among all African countries by assets, with a wide presence in 24 countries, mainly in French-speaking African countries. JBIC and AWB have built a close relationship by, extending cofinanced loans to large-scale infrastructure projects in which Japanese companies participate, such as the Jorf Lasfar 5 & 6 coal-fired power project*1
and Safi coal-fired power project*2
. Given the Japanese companies’ increasing interest in the African market, further strengthening the cooperative relationship with AWB, which operates active and strategic businesses in the region, is expected to help increase the business opportunities for Japanese companies.
During TICAD V in 2013, the Japanese government set forth its basic policy to support growth in Africa through public-private partnerships up to JPY3.2 trillion during a period of five years from 2013 to 2018. At TICAD VI, held on August 27 and 28 of this year, the Japanese government announced its policy to further enhance such support. JBIC’s effort in further strengthening the cooperative relationship with AWB and supporting Japanese companies’ business expansion in Morocco and other African countries is in line with the policy of the Japanese government.
As Japan's policy-based financial institution, JBIC will continue to financially support the business expansion of Japanese companies in the African countries.
- *1 See Press Release on June 21, 2012.
- *2 See Press Release on September 19, 2014.