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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on May 23 a memorandum of understanding (MOU) with the Africa Finance Corporation (AFC) to promote support for developing environmental preservation projects, taking the opportunity of the 58th Annual Assembly of the African Development Bank held in Egypt.
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AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. Since then, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 40 member countries and has invested US$11.5 billion across Africa since inception.
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This MOU aims to support the development of environmental preservation projects in Africa with the involvement of Japanese companies through exchanging information between JBIC and AFC on the political and economic situations of African countries as well as on potential projects committed toward environmental preservation, including the reduction of greenhouse gas emissions.
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As Japan's policy-based financial institution, JBIC will continue to actively support the creation of business opportunities for Japanese companies in Africa while collaborating with the governments of other countries and overseas regional development finance institutions.
