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Washington D.C., October 16, 2008
—IFC, a member of the World Bank Group, announced that it has signed a memorandum of understanding with The Bank of Tokyo-Mitsubishi UFJ, Ltd to work together in addressing the enormous needs for private sector investment in emerging markets and help developing countries access advanced technologies for sustainable private sector development.
The two institutions will focus primarily on sustainable energy finance, trade finance, investment funds, syndicated loans, project finance, and co-investment in financial institutions. The signing took place during the International Monetary Fund/World Bank Group Annual Meetings held in Washington, D.C.
Tatsuo Tanaka, BTMU Deputy President, Chief Executive, Global Business Unit, said, “Strengthening our global business worldwide, particularly in emerging markets, is one of BTMU’s core strategies. Partnering with IFC will help us provide new business opportunities and products to our customers in these markets.”
Jyrki Koskelo, IFC Vice President for Europe, Central Asia, and Global Financial Markets, said, “This agreement will enable IFC and BTMU to strengthen relationships with Japanese companies, which have strong interest in expanding business into new markets in developing countries. We will utilize our current programs, such as the Global Trade Finance Program, and jointly develop new programs for sustainable energy finance.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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About The Bank of Tokyo-Mitsubishi UFJ, Ltd
BTMU is the core member company of Mitsubishi UFJ Financial Group, one of the world’s leading financial groups, with total assets of more than Yen 190 trillion (about $1.8 trillion) as of March 31, 2008. The group’s services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management and leasing. BTMU is Japan’s leading bank, with around 1,100 domestic branches and offices, more than 400,000 corporate customers, and about 40 million individual customers. It also has the largest overseas network of any Japanese bank, comprising about 100 offices and subsidiaries in more than 40 countries worldwide.
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