JBIC Signs MOU on Operational Cooperation with ICO in Spain
Supporting Creation of Business Opportunities for Japanese Companies in Spain and Third Countries

• Region: Europe
• Infrastructures
• Others

1. The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a memorandum of understanding (MOU) on promoting comprehensive cooperation with Instituto de Crédito Oficial (ICO) in Spain. The objective of this MOU is to formulate and advance joint projects in Spain and third countries by both countries'companies through cooperation between JBIC and ICO.
    
2. ICO is a policy-based financial institution wholly-owned by the Government of Spain and providing financial support to projects by Spanish companies inside and outside Spain, including those by small and medium-sized enterprises and infrastructure projects. Whereas Japanese companies have interest in expanding business in Spain and third countries collaborating with Spanish companies which have a good track record of infrastructure projects, including in the renewable energy sector, Spanish companies have interest in technological capabilities of Japanese companies in this area. Thus the signing of this MOU is expected to accelerate the collaboration of companies between the two countries.
    
3. In addition, since the period of 2013-2014 falls on the 400th Anniversary of Spain-Japan Relations,^*1 it is expected that Japan and Spain will promote mutual understanding and make this period a turning point to open up a new way forward in bilateral relations. Taking the opportunity of the visit to Japan of ICO Chairman Román Escolano who accompanied Prime Minister Mariano Rajoy of Spain, JBIC and ICO signed this MOU.
    
4. As a public financial institution, JBIC will continue to make efforts to create business opportunities and promote business for Japanese companies in collaboration with foreign public financial corporations such as ICO, thereby contributing to further developing economic ties between the two countries.

Note

1. *1 Under the agreement reached in the Japan-Spain Summit Meeting held in September 2010, during the 400th anniversary of the dispatch of the Keicho-era mission to Europe, the Spanish side is holding in Japan the "The Year of Spain in Japan,"and the Japanese side is holding in Spain the "400th Anniversary of Spain-Japan Relations (The Year of Japan in Spain)"between 2013-2014.