- Region: Europe
September 6, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a Memorandum of Cooperation (MOC) with The Far East and Baikal Region Development Fund (FEDF)*1, a subsidiary of Vnesheconombank (VEB), an official financial institution wholly-owned by the Government of the Russian Federation, for establishing the Far East and Baikal Infrastructure Development Partnership.
Under the Far East and Baikal Infrastructure Development Partnership to be formed through this MOC, JBIC and FEDF will share information and cooperate in identification, preparation and appraisal of projects focused on infrastructure development in Russia's Far East and Baikal region, and also facilitate further discussion among involved parties on the formation and share the know-how of PPP in infrastructure development.
The Russian government puts high priority on the development of the Far East and Baikal region, as the national program for the socio-economic development plan of the Far East and Baikal is approved by the Government of the Russian Federation this April. As infrastructure development is expected to accelerate, Japanese companies are interested in participating in the infrastructure business in the region. Amid the situation, it is expected that strengthening of the close cooperative relationship between JBIC and FEDF through the partnership will contribute to the infrastructure business deployment of Japanese companies in the region.
As a public financial institution, JBIC, in cooperation with FEDF, will support participation in the PPP projects in the region by Japanese companies through its efforts to help formulating and facilitating projects from its early stages. These activities will further deepen and develop economic relations between Russia and Japan through the infrastructure development in the Russian Far East and Baikal region.