- Region: Europe
- Machinery and Equipment
May 13, 2009
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe) *1 signed on May 12, 2009 a Memorandum of Understanding (MOU) with Vnesheconombank (VEB; Chairman: Vladimir A. Dmitriev), a governmental financial institution in Russia, on a cooperative framework aimed at promoting trade between Japan and Russia.
- The MOU sets out the framework for JBIC and VEB to strengthen information sharing and other cooperative activities, with the aim of facilitating JBIC's smoother examination of the provision of loans, via VEB, for projects undertaken in Russia in which Japanese firms are engaged as exporters.
- Endowed with natural gas, oil, coal, etc., Russia is one of the world's top producers of natural resources and is drawing increasing attention from many Japanese firms not only as a supplier of important natural resources but also as an export destination for industrial products that make use of Japan's advanced technology.
- Taking advantage of Russian Prime Minister Putin's visit to Japan, JBIC signed this MOU with VEB Chairman Dmitriev, who traveled to Japan as a member of the Russian delegation. Strengthening of JBIC-VEB collaboration is expected to support Japanese firms amid a global financial crisis by promoting their exports to Russia, and will thereby contribute to the development of economic relations between Japan and Russia.