Tokyo, Japan, June 5, 2020 — IFC, a member of the World Bank Group, and the Japan Bank for International Cooperation (JBIC) have concluded a memorandum of understanding (MOU) that paves the way for stronger collaboration between the two institutions—including in fragile and conflict-affected countries. The agreement was signed today in a virtual ceremony by IFC CEO Philippe Le Houérou and JBIC Governor Tadashi Maeda.
“This MOU will help IFC and JBIC combine efforts in support of poor and fragile countries, enabling us to work together to provide sustainable and scalable private sector solutions through the financing of projects,” said Le Houérou. “The fact that this is happening during the COVID-19 crisis is especially important as support for the private sector is critical to restoring economic stability and preserving jobs in this period of global uncertainty.”
The MOU sets a framework for IFC and JBIC to explore opportunities to work jointly in advancing economic and social development in common regions of operation, in particular poor and fragile countries and frontier markets across Africa, South Asia, and the Mekong region. Forms of collaboration identified in the agreement include project co-financing, cooperation in early-stage project development and upstream advisory work conducted by IFC, joint business development events, and joint support to governments on public-private partnership frameworks.
“The aim of this MOU is to further increase collaboration between JBIC and IFC, including for projects in the environmental and infrastructure sectors in developing countries. Enhanced financial cooperation through the agreement is expected to further promote the creation of business opportunities for Japanese companies expanding to frontier markets such as Africa,” said Maeda.
IFC works closely with the Government of Japan and Japanese governmental financial institutions to provide financing and advice to support private sector investments in developing markets. This MOU builds on IFC’s long-standing relationship with JBIC and will help to broaden and deepen cooperation between the institutions.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
About JBIC
The Japan Bank for International Cooperation (JBIC) is a policy-based financial institution, wholly owned by the Government of Japan. JBIC’s mission is to contribute to the sound development of Japan and the international economy and society by conducting financial operation in the following four fields: (i) promoting overseas development and the securement of resources with strategic importance for Japan; (ii) maintaining and improving the international competitiveness of Japanese industries; (iii) promoting overseas business having the purpose of preserving the global environment; and (iv) providing financial services necessary to prevent disruptions to the international financial order and implementing appropriate measures with respect to the effects of such disruption. For more information, visit https://www.jbic.go.jp/en .
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