Nov 12, 2010
IDB and JBIC to Expand Cooperation in Mitigation and Adaptation of Global Warming
Focusing on strategic projects to reduce green house gas emissions in Latin America and the Caribbean
TOKYO, Japan – The Inter-American Development Bank (IDB) and the Japan Bank for International Cooperation (JBIC) signed a Memorandum of Understanding to strengthen cooperation in projects aimed at reducing green house gas emissions in Latin America and the Caribbean. The MOU was signed between the JBIC CEO, Hiroshi Watanabe and the IDB President Luis Alberto Moreno during his participation in an event in Japan organized by the Asia-Pacific Economic Cooperation (APEC).
JBIC is the international wing of the Japan Finance Corporation (JFC) and is one of the largest bi-lateral financial institutions in the world. During the last fiscal year, JBIC approved operations totaling over $33 billion, 15% of which was directed to the Latin America and Caribbean region. JBIC has recently launched the Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) to expand its activities to counteract global warming.
In this context, JBIC and IDB have agreed to establish the JBIC-IDB GREEN Co-financing Framework to proactively support projects that are critical to mitigating and adapting to global warming in Latin America and the Caribbean, drawing on the Bank’s vast technical knowledge and experience in the region. Projects would include development of photovoltaic generation facilities and highly energy-efficient power plants.
This partnership will further strengthen the enduring and successful relationship between the IDB and Japan. Japan joined the IDB in 1976 as the first Asian member and has already contributed over $5 billion to the Bank’s financial resources. Japan has recently pledged additional $3.5 billion to the IDB’s Ninth General Capital Increase.