Tokyo, Japan, February 19, 2024—To strengthen collaboration and explore opportunities in their common regions of operation, including Ukraine, IFC and the Japan Bank for International Cooperation (JBIC) renewed a memorandum of understanding (MOU) on 14 February. The agreement was signed in a virtual ceremony by Riccardo Puliti, IFC's Regional Vice President for Asia and the Pacific and Kazuhiko Amakawa, Deputy Governor, JBIC.
"Our partnership with JBIC has grown dramatically since we signed the landmark MOU in June 2020. Renewing this agreement will further pave the path for a broader and more impactful partnership between the two institutions. Most importantly, it will enable us to deliver sustainable and scalable private sector solutions through co-financed projects in the poorest and most fragile countries," said Puliti.
Under the MOU framework, IFC and JBIC will identify scopes to work jointly to advance economic and social development in the regions they both operate, especially in post-war Ukraine and the neighboring countries. The collaboration aims to focus on three areas, which include sustainability with an emphasis on global energy transition and climate change; infrastructure and natural resources industries that contribute to a more resilient global supply chain; and innovation and advanced technologies.
Further, the partnership will include several forms of collaboration, for example, project co-financing, cooperation in early-stage project development, and IFC's upstream advisory work, among others.
"The core of this MOU is our collective dedication to promoting sustainability, resilience of the global supply chain, and innovation. Moreover, it aims to confirm our commitment to supporting Ukraine and its neighboring countries. Through this MOU, we can reaffirm our shared values, paving the way for even greater collaboration in the future." said Amakawa.
Since the earlier MOU, IFC and JBIC successfully closed two symbolic co-financing transactions—Amunet Wind Power project in Egypt (November 2022) and Syrdarya combined-cycle gas-fired power plant project in Uzbekistan (March 2023). With the MOU's renewal, IFC aims to further deepen its cooperation with JBIC and increase the number of Japan-supported projects in their shared focus areas.
About IFC
IFC — a 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 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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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.
