- Region: Asia
May 6, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on May 4, on the sidelines of the ADB annual general meeting being held in Tashkent, Uzbekistan, a Memorandum of Understanding (MOU) with the Asian Development Bank (ADB; President: Haruhiko Kuroda) for strengthening cooperation in preserving the global environment, such as mitigating global warming.
- The enforcement of the law to revise part of the Japan Finance Corporation Act (the Revised JFC Act) on March 31, 2010, has enabled JBIC to finance projects aimed at preserving the global environment, such as projects that significantly reduce greenhouse gas (GHG) emissions, under a new JBIC financial instrument called GREEN (Global action for Reconciling Economic growth and ENvironmental preservation). The MOU sets forth that JBIC and ADB will closely share information regarding this new instrument and ADB’s efforts in the environment field. Since both JBIC and ADB have been committed to environmental protection, building a strong cooperative relationship between JBIC and ADB for the preservation of the global environment is expected to contribute to more speedy and efficient support for environmental projects undertaken in the Asia-Pacific region.
- As an international development finance institution established to promote economic and social development in the Asia-Pacific region through financial assistance, ADB plays an essential role in the economic growth of the region. To date, JBIC has worked jointly with ADB and built up close cooperative ties with the institution over the years. JBIC will continue to efficiently conduct its operations for preserving the global environment, in close partnership with multilateral financial institutions including ADB.