The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on November 21 a Memorandum of Understanding (MOU) with UK Export Finance (UKEF; Chief Executive：Tim Reid) to promote clean energy and other businesses in the United Kingdom and third countries, taking the opportunity of the 28th annual meeting of the Asian EXIM Banks Forum.
UKEF was established in 1919 as the world’s first export credit agency. It supports export transactions by UK companies by offering loans, guarantees, insurance, etc. and promotes the export policy of the Government of the United Kingdom. In addition, on the sidelines of the G7 Hiroshima Summit in May 2023, the Governments of Japan and the United Kingdom issued the Hiroshima Accord: an Enhanced UK-Japan Global Strategic Partnership, confirming that the two countries will cooperate to accelerate the deployment of renewable energy, etc.
To accelerate energy transition towards a clean energy society, this MOU is intended to strengthen the cooperation between JBIC and UKEF in the energy sectors, including but not limited to offshore wind power generation, hydrogen and ammonia, and highly efficient transmission and distribution networks in a wide range of regions, including the Indo-Pacific, Africa, Central Asia, and Eastern Europe. Furthermore, the two institutions will cooperate in the infrastructure development for achieving sustainable development goals (SDGs) as well as the support for recovery and reconstruction in Ukraine. The partnership is expected to further support Japanese and UK companies in structuring projects, leading to a stronger relationship between the two countries.
As Japan's policy-based financial institution, JBIC will continue to financially support the creation of business opportunities and the promotion of business for Japanese companies and contribute toward the further development of economic relations between related countries by collaborating closely with such overseas policy-based financial institutions.
