Ryoichi Fujii Deputy Division Chief, Americas Finance Department

Ryoichi Fujii, Deputy Division Chief, Americas Finance Department, explains, "The Environmental Guidelines stipulate that JBIC verifies the extent of their implementation, and that based on its findings JBIC conducts a comprehensive review of the Guidelines within five years of their enforcement, and makes revisions as needed. The latest such review, which took more than one year, beginning in April 2007, examined whether the Guidelines were being applied correctly. At the time, I was with JBIC's Environmental Assessment Office, and was in charge of making reports of the extent that environmental and social considerations are a part of projects being assessed."

Fujii went on to say, "During consultations, we heard a wide range of opinions from many people. Participants in the consultations indicated their high regard for the Guidelines, but the consensus was that revisions should be made, using the existing Guidelines as a basis for developing an improved version. We compared our Guidelines with those of organizations in other countries, and examined international trends. The practical and operational aspects of projects, which became clear through confirmation proceedings, spawned lively discussions. The main parts of the Guidelines requiring revisions were sections dealing with the disclosure of information, ecosystems and biota (to offer better conservation of forests), working conditions, the resettlement of inhabitants, and indigenous people."

The consultations were held jointly 14 times by JBIC and Nippon Export and Investment Insurance, from November 2007 to September 2008. Takako Tsushima of the Policy and Strategy Department for Financial Operations, helped run the consultations, and reflects, "At first, the discussions led us in different directions, so we asked participants to submit written opinions in advance to create a topic organization chart. Then we discussed each topic one by one, proceeding slowly but surely forward. Near the end of the consultation process there were times when consultations were held with only short time gaps between them, and this meant we had to work especially hard to prepare and provide the needed information in a timely manner."

Ryoichi Fujii, Deputy Division Chief, comments, "After the consultations were finished, we released a draft of the revised Guidelines, received comments from the public, and conducted explanatory sessions and hearings with representatives in eight developing countries. Incidentally, whenever a government-related financial institution of some other country, such as China, draws up similar environmental guidelines, JBIC is happy to contribute its own ideas, cooperating on the basis of its experience in the field."