- Region: Latin America and the Caribbean
March 19, 2012
- The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1signed on March 17 (Uruguay Time) a cooperation agreement for promoting natural resources and infrastructure development with Corporación Andina de Fomento (CAF).*2
- The objective of this agreement is that CAF and JBIC mutually cooperate, with such means as exchange of information and cofinancing, to promote natural resources and infrastructure development projects primarily undertaken in Latin American and Caribbean CAF's member countries. Through their cooperative efforts, the two institutions aim to help advance their economic development and increase business activities between Japan and these countries.
- CAF's member countries are endowed with abundant natural resources, including mineral resources and oil, and are actively developing infrastructure in such sectors as electric power and railway. JBIC has long supported natural resources and infrastructure development projects undertaken by Japanese firms in these countries. In fact, JBIC has built up cooperative ties with CAF for more than 30 years through loans to Japanese export to this region, loans to help sustain the global environment and trade finance in response to the global financial crisis since 2008. It is expected that strengthening even closer cooperative and collaborative relations between the two institutions will contribute to the business development of Japanese firms in these countries.
- Through these efforts, JBIC will continue to support Japanese firms' participation in natural resources and infrastructure development projects in the countries of the Latin American and Caribbean region, while collaborating with regional development finance institutions, thereby further deepening and developing economic relations between these countries and Japan.
- *1 JBIC is the international wing of the Japan Finance Corporation (JFC; Governor: Shosaku Yasui).
- *2 CAF is a regional development finance institution consisting of 18 shareholder countries primarily in Latin America and the Caribbean: Bolivia, Colombia, Ecuador, Peru, Venezuela, Brazil, Uruguay, Panama, Argentina, Chile, Costa Rica, Dominican Republic, Jamaica, Mexico, Paraguay, Trinidad & Tobago, Spain and Portugal (as of March 19, 2012). Its mission is to promote sustainable development and regional integration in this region.