JBIC Signs MOU on Business Cooperation with CAF
Collaborating to Support the Development of Natural Resources and Infrastructure in Argentina
- Region: Latin America and the Caribbean
The Japan Bank for International Cooperation (JBIC; Governor: Tadashi Maeda) signed a memorandum of understanding (MOU) on November 29 (Argentine time), with Corporación Andina de Fomento (CAF) with the goal of promoting the development of natural resources and infrastructure in Argentina. The MOU was entered into on the occasion of the Japanese Prime Minister Shinzo Abe's participation in the G20 Leaders' Summit set to take place on November 30 - December 1 in Buenos Aires, Argentina.
Argentina is rich in mineral resources, including copper and lithium. Moreover, in recent years the country has been actively pushing forward with infrastructure development. This is a key country with which Japan aims to fortify its ties.
CAF is a regional development finance institution consisting of 19 shareholder countries*1
, primarily in Latin America and the Caribbean. The objective of the CAF is mainly to promote economic integration, development and trade finance in the region. The CAF maintains strong ties with the government of Argentina and is deeply involved in the country's infrastructure development. JBIC has built cooperative ties with CAF over more than 40 years through loans for infrastructure and manufacturing projects within the region.
The MOU aims to further reinforce the cooperation between JBIC and CAF, and is expected to contribute to business expansion in Argentina by Japanese companies.
As Japan's policy-based financial institution, JBIC will continue to actively support the creation and promotion of business opportunities for Japanese companies while collaborating with regional development finance institutions, and thereby further deepen and develop economic relations between Argentina and Japan.
CAF shareholder countries include Argentina, Bolivia, Brazil, Colombia, Ecuador, Panama, Paraguay, Peru, Uruguay, Venezuela, Barbados, Chile, Costa Rica, Spain, Jamaica, Mexico, Dominican Republic, Portugal. Trinidad & Tobago (current as of the end of October 2018).