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JBIC Signs Agreements for Participating in IFC Recapitalization Funds
Helping to Stabilize the International Financial System by Recapitalizing Developing Countries' Banks

  • Region: Others
  • Others
  • Untied Loans
  • Equity Investment
NR/2008-67
February 2, 2009
  1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 has signed today agreements together with the International Finance Corporation (IFC)*2 for providing loans and equity capital to the IFC Recapitalization (Equity) Fund, L.P. and the IFC Recapitalization (Subordinated Debt) Fund, L.P. As a key founding partner of IFC in launching these funds, JBIC will contribute US$2 billion, while IFC will contribute US$1 billion to them. 
     
  2. The creation of these funds was agreed between Japan's Minister of Finance and Minister of State for Financial Services Shoichi Nakagawa and the World Bank Group President Robert B. Zoellick on November 14, 2008 (U.S. time). The objective of these funds is to recapitalize major local banks in small and medium developing countries by providing equity capital or subordinated loans to them, to strengthen their capital bases, thereby helping to stabilize their countries' financial systems.
     
  3. Combined with developed countries' efforts to stabilize their financial sectors and proactive responses by the International Monetary Fund (IMF) to support small and medium emerging market countries, these funds are expected to make a significant contribution to the stabilization of the international financial system.
     
  4. JBIC is committed to addressing the current global financial crisis by mobilizing a variety of its financial instruments, including establishment of these funds, in an effort to perform one of its functions: "Responding to disruptions in financial order in the international economy."
     
  1. *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
  2. *2 IFC is a member of the World Bank Group charged with the tasks of supporting private sector development in developing countries, and is actively making medium and long-term loans and investments. 

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