JBIC Signs MOU with IDB and IIC
Promoting Quality Infrastructure and Environment Projects in Latin American and the Caribbean Region
- Area: Latin America and the Caribbean
The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on November 1 a memorandum of understanding (MOU) with the Inter-American Development Bank (IDB; President: Luis Alberto Moreno) and the Inter-American Investment Corporation (IIC; CEO: James P. Scriven), taking the opportunity of the “Japan – Latin America and the Caribbean Business Forum” held in Tokyo.
The purpose of this MOU is to strengthen the cooperative relationship among the three organizations – JBIC, IDB, and IIC – by exchanging opinions regarding sharing of the expertise and know-how of the infrastructure and environmental sectors, as well as project development, in order to promote high-quality infrastructure and environmental projects in the Latin American and the Caribbean region.
The Japanese government has declared to promote high-quality infrastructure projects in emerging countries in the “Infrastructure Export Strategy (revised in 2016),” the “Expanded Partnership for Quality Infrastructure” initiative (both of which were adopted on May 23, 2016, at the Ministerial Meeting on Strategy Relating Infrastructure Export and Economic Cooperation), and the “Japan Revitalization Strategy” (endorsed by the Cabinet on June 2, 2018). This MOU is thereby in line with such strategies of the government, with its aim to enhance initiatives in the infrastructure and environmental sectors, in which Japan owns advanced technologies and knowledge.
The IDB Group, which is an international organization that financially assists projects necessary for economic development of the Latin American and the Caribbean region, plays an important role in the promotion of infrastructure development and environment businesses. The cooperation with the IDB Group, including information sharing, will enable the establishment of a speedy and effective support system, with the help, in particular, of the Group’s abundant experience in financing renewable energy and energy-efficiency projects.
As Japan's policy-based financial institution, JBIC will continue to contribute to the sound development of Japan and the international society by cooperating closely with such international financial institutions.