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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed on November 7 a Memorandum of Understanding (MOU) with Overseas Private Investment Corporation (OPIC; President and Chief Executive Officer: Ray W. Washburne) of the United States of America (the U.S.).
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OPIC is an agency of the Government of the U.S. established to mobilize and facilitate the investment of U.S. private capital in the economic and social development of emerging market countries, by offering financing and political risk insurance for certain projects. Under the MOU, it is intended that JBIC and OPIC, as public financial institutions promoting the policies of their respective governments, support potential projects in the sectors, such as infrastructure, energy and natural resources in the regions of Asia, the Indo Pacific, the Middle East and Africa. In this way, the MOU will also contribute to strengthening the economic ties between Japan and the U.S.
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The signing of the MOU follows the Second Round of the Japan-U.S. Economic Dialogue in October, 2017, when the Governments of Japan and the U.S. confirmed they will cooperate in the promotion of quality infrastructure through infrastructure development in third countries and energy ties including liquefied natural gas and energy infrastructure, as specific areas for the "Sectoral Cooperation". In these sectors, whilst obtaining financial support is necessary for the implementation of each project, it can also be a critical challenge. As such, the implementation of projects in third countries, in which Japanese and the U.S. companies participate, are expected to be promoted through cooperation between JBIC and OPIC under the MOU.
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As Japan's policy-based financial institution, JBIC will continue to actively support the creation and promotion of business opportunities for Japanese companies and contribute to the further development of economic relations between two countries, by collaborating closely with such overseas policy-based financial institutions.
