The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed today a Memorandum of Cooperation (MOC) with the Ministry of Foreign Affairs and Worship of the Republic of Costa Rica (Costa Rica) to strengthen the partnership between the two parties.
The MOC aims to expand opportunities for Japanese companies to invest in and introduce their products and technologies to address challenges facing Costa Rica as well as to offer financial solutions and promote decarbonization, including the development of green energy infrastructure. The cooperation, covering such areas as semiconductors, digital infrastructure, and automobiles, is expected to create business opportunities for Japanese companies in Costa Rica.
Costa Rica has been promoting ambitious efforts for generating green electricity, one of which is to ensure that virtually all domestic electricity comes from renewable energy. In addition, the country has been addressing the development of the digital industry, and in the semiconductor sector, it created a road map in March 2024 to attract foreign direct investment. As demand for green electricity continues to increase, Japanese companies are expected to provide solutions through their technologies in terms of enhancing the power supply infrastructure and building other facilities for decarbonization.
In the Fifth Medium-Term Business Plan, released in June 2024, JBIC aims to contribute toward realizing both carbon neutrality and economic growth. In addition, in its ESG Policy, released in October 2021, it is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030 and achieve net zero emissions of its finance portfolio by 2050. The ESG Policy states that JBIC will contribute toward realizing global carbon neutrality by supporting and accelerating energy transitions toward a decarbonized society in emerging and developing countries. The signing of the MOC is in line with the Medium-Term Business Plan and the ESG Policy of JBIC.
As Japan's policy-based financial institution, JBIC will continue to work closely with foreign governments and governmental agencies, thereby contributing toward creating business opportunities for Japanese companies as well as maintaining and improving the international competitiveness of Japanese industry.
