- Region: Africa
- Machinery and Equipment
- Manufacturing and Services
May 28, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 on May 27 signed a memorandum of understanding (MOU) for cooperative relations with the African Export-Import Bank (Afreximbank). The signing took place during the Annual Meeting of the African Development Bank (AfDB) held in Abidjan, the Republic of Cote d'Ivoire.
- Both parties confirmed in the MOU that they would collaborate in financing to promote projects in Africa with involvement by Japanese firms as well as trade between Japan and African countries.
- Afreximbank is a regional development financial institution (headquarters: Cairo, Egypt), established with capital contributions mainly from AfDB and various African governments, for the purpose of financing and promoting trade for African countries. JBIC's cooperation with Afreximbank through this MOU is expected to provide effective support for Japanese trade and investment activities in a broad range of industries in Africa, thereby contributing to sustainable growth in the region.
- At 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. This will double current Japanese private investment in Africa. As part of its efforts to actively support Africa, in April 2009 JBIC established the JBIC Facility for African Investment (FAI). JBIC has also forged a framework for cooperation with the AfDB, a major shareholder of Afreximbank, by signing an MOU for cooperation with AfDB*2. This MOU is intended to further strengthen JBIC's support for Africa through cooperation with Afreximbank, which performs a vital role in promoting trade and investment in the region.
- JBIC remains committed to supporting Africa by drawing on its wide range of financial instruments and programs.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 Please see Press Release on May 15, 2009.