IFC, JBIC Sign MOU To Collaborate In Common Regions Of Operation, Help Post-War Recovery In Ukraine

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.

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.