The Japan Bank for International Co-operation (JBIC) and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of understanding (MoU) to step up their co-operation supporting sustainable economic development in regions of common interest.
The MoU outlines enhanced co-operation between the two organisations to support transitional development and develop co-financing opportunities. The organisations will also share their respective expertise to enhance effectiveness of their development work.
The agreement reflects JBIC’s environmental priorities and the EBRD’s focus on resource efficiency and renewable energy. The EBRD launched its Green Economy Transition approach last year with the aim of significantly scaling up its climate finance investments.
The MoU is envisaged to support the business development activities of Japanese corporates to promote Japanese investment in EBRD countries of operations and to step up collaboration in the energy and infrastructure sectors.
Japan is a founding shareholder of the EBRD and a significant finance source for countries the organisation supports.
EBRD president, Suma Chakrabarti, and JBIC CEO, Tadashi Maeda, signed the agreement on the sidelines of this year’s World Bank Group and International Monetary Fund Annual Meetings in Washington.