- Region: Africa
March 8th, 2011
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed today a memorandum of understanding (MOU) on comprehensive strategic partnership with the Government of the Kingdom of Morocco in Rabat.
- In the MOU, both parties confirmed mutual cooperation for enhancing the economic relationship between Morocco and Japan. Specifically, both parties agreed to exchange information and views from time to time with respect to possible financial support by JBIC for new projects in Morocco in which the two countries can cooperate, and potential investment opportunities in such sectors as infrastructure, power, renewable energy (including solar energy) and the environment.
- It is expected that closer exchanges of information and views between JBIC and the Moroccan Government based on this MOU will reinforce JBIC's support for Japanese companies' involvement in the above-mentioned sectors, and thereby will deepen the economic relationship between the two countries.
- In the Fourth Tokyo International Conference on African Development (TICAD IV) held in May 2008, the Japanese government pledged 2.5 billion US dollars in financial support for Africa to be provided through JBIC over the next five years with aim of doubling Japanese private investment in Africa. As part of its financial support for Africa, JBIC established the JBIC Facility for African Investment (FAI) in April 2009 and is actively devoting itself to this endeavor.*2 JBIC will continue to contribute to creating business opportunities for Japanese companies business in African countries.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 See Information on July 2, 2009 for the track record of JBIC's support for Africa.