- Region: Africa
- Others
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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on August 20 a Memorandum of Understanding (MOU) with Africa Finance Corporation (AFC), to promote support for structuring environmental preservation projects in the African region, taking the opportunity of the Ninth Tokyo International Conference on African Development (TICAD 9), which is being held in Yokohama.
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AFC is a multilateral financial institution established in 2007 by African sovereign states. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception. AFC provides financial solutions across Africa in the core infrastructure sectors of power, transport, energy resources and mining, heavy industry, telecommunications, and technology, contributing toward sustainable development and economic growth in the region.
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JBIC signed an MOU*1 with AFC to support the development of environmental preservation projects involving Japanese companies in the African region, taking the opportunity of the 58th Annual Assembly of the African Development Bank held in Egypt in May 2023. The MOU signed this time builds upon previous MOUs and reflects the specific needs of Japanese companies in the African region concerning global environmental conservation. It aims to further strengthen the cooperative relationship between the two organizations, leverage the technology and expertise of Japanese companies, and structure projects that contribute toward global environmental preservation, such as renewable energy initiatives.
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As Japan's policy-based financial institution, JBIC will continue to support the creation of business opportunities for Japanese companies in Africa while closely collaborating with overseas regional development financial institutions.
Note
- *1