- Region: Europe
September 6, 2010
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 on September 3 signed a memorandum of understanding (MOU) with the European Bank for Reconstruction and Development (EBRD) to promote further cooperation between both parties, including operations of the “Global action for Reconciling Economic growth and ENvironmental preservation” (GREEN)*2.
- After JBIC added GREEN to its scope of operations in April 2010, JBIC has been making more efforts in the environmental sector than it had before. Promoting energy efficiency and climate change mitigation through various investments and technical assistance is one of the EBRD’s key priorities in the Central and Eastern Europe, Russia, the Caucasus, and Central and West Asia. Thus the operational cooperation through exchanging information between JBIC and the EBRD under this MOU will lead to more efficient and effective implementation of GREEN operations.
- Under this MOU, JBIC and the EBRD will cooperate through sharing knowledge and know-how in the areas of financing of large infrastructure projects, non-sovereign financing of municipal infrastructure, in particular linked to climate related projects, as well as local currency financing across Central and Eastern Europe and Central Asia. Through this cooperative arrangement, JBIC will further strengthen its support for trade and investment activities of Japanese businesses in these regions.
- JBIC will steadily carry out its various initiatives in ways that contribute to the sound development of Japanese and international economies, including the promotion of overseas businesses that focus on preserving the global environment, while working in close partnership with multilateral financial institutions such as the EBRD.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 GREEN, a new financing initiative, is an acronym for “Global action for Reconciling Economic growth and ENvironmental preservation”. See Information on April 27, 2010.