IDB Japan

Year 2008 Number 3
E-mail: idbasia@iadb.org

The 49^th Annual Meeting of the IDB Group

The 49^th Annual Meeting of the IDB and the 23^rd Annual Meeting of the IIC

The IDB group held the 49^th Annual Meeting in Miami from April 6 to 8. From the office in Asia, Representative Takeo Shikado attended a series of the meetings. At the meeting, Mr. Hiroshi Moriyama, Senior Vice Minister of Finance represented the Japanese government and addressed the participants of the event. Mr. Moriyama met with IDB President Luis Alberto Moreno. They discussed on the decision of Japan to contribute a maximum of US$5 million to the SECCI Multi-Donor Fund, on ways to improve the cooperation between Japan and the IDB, and on President’s visit to Japan scheduled this fall. President Moreno expressed his gratitude for Japan’s continued cooperation with the IDB while showing expectation for the success of the coming Asia-LAC Trade and Investment Forum in Tokyo at the end of this October.

From Korea, Mr. Choi, First Vice Minister of Strategy and Finance of Korea participated in the meeting and gave a speech. During a meeting with President Moreno, he signed a memorandum on the details for an additional Korean contribution of US$50 million to the Trust Funds already established at the IDB.

During a series of meetings, participants 1) expressed their expectations that the IDB would come up with tangible outcome after its institutional realignment, 2) agreed that, amid growing concern over the U.S. subprime issue in the international financial market, there is a need for member countries to manage policies in a flexible manner as well as a need for international cooperation to prevent major effects on the LAC region, 3) concluded that the cooperation inside the IDB should be reinforced to effectively use the vitality, financial resources and the knowledge of the private sector for the economic development of LAC. The next annual meeting will take place in Medellín, Colombia and will mark the 50^th anniversary of the bank’s establishment in 1959. For more information, please visit our website; www.iadb.org/am/2008


Senior Vice Minister of Finance Moriyama met with IDB President Moreno		First Vice Minister of Strategy and Finance of Korea Choi attended the signing ceremony

Video Conference to promote projects financed by the “Japanese Trust Fund for Consultancy Services”(JCF)

On April 2, the IDB office in Asia held a video conference for Japanese consulting firms by connecting the headquarters in Washington D.C. and the office in Guatemala to discuss the upcoming Urban Center Renewal Projects of Guatemala City, which will utilize the Japanese Trust Fund for Consultancy Services. Mr. Yoon, Business Research and Information Consultant of the office in Asia, attended the conference.

After the opening remarks by Mr. Goro Mutsuura, Co-Financing Specialist, representatives of consulting firm presented their expertise and business performance. Mr. Vincente Fretes-Cibils, Chief Fiscal and Municipal Management Division of the headquarters, outlined the project and called for active participation of Japanese firms in the project. Meanwhile, Mr. Francesco Lanzafame, Housing and Urban Development Specialist in Guatemala office and the project’s leader, gave a detailed explanation of the project called “Aurora-Canas Central Corridor Project”.

The participants included 6 Japanese consulting firms that have extensive experience in the area of the public sector and the urban development. Special attentions were placed on the progress of the project in the hope of gaining more cooperation.

Video Conference at the Office in Asia

Visit of Mr. Rogozinski of Inter-American Investment Corporation (IIC)

Mr. Jacques Rogozinski, General Manager of the Inter-American Investment Corporation, visited Japan from April 14 to 15. During his stay, Mr. Rogozinski, together with Mr. Jorge Roldan, Chief of Finance and Risk Management of the IIC, paid visits to the Ministry of Finance of Japan, Japan External Trade Organization (JETRO), Mizuho Corporate Bank, Ltd. and other related organizations where they discussed about strengthening cooperation and business tie-ups with the IIC.

On 14^th, a business seminar titled “Supporting Japanese SMEs Business Development in Latin America and the Caribbean –How the IDB group can help-“ was held at JETRO. After the welcome remarks by Mr.Shikado, Representative of the IDB office in Asia, Mr. Naoyuki Hasegawa, Director of Latin American Division of JETRO, presented on “Business Environment in LAC”, followed by the presentation of Mr. Tomio Katsuta, Senior Manaing Director of Vuteq (former President of Toyota Argentina) on “Experiences from doing Business in LAC”. Then, Mr. Rogozinski talked about “Supporting Japanese SME Investments in LAC” and Mr. Roldan elaborated on the innovative approach for the cooperation with SMEs in LAC.

During the seminar, Mr. Raul Urteaga, Minister of Embassy of Mexico to Japan and Mr. Andres Garrido, First Secretary of Embassy of Peru to Japan, explained the current economic situation of each country and economic relations with Japan and the IDB.

Attentions from the participants were placed on promising investment destinations and investment environment in LAC, related laws, and functions of the IIC. The visit of the IIC mission this time enhanced the interest among Japanese SMEs considering to start or expand their business in LAC with support from the IIC. At the same time, it reaffirmed the need of practical information among Japanese SMEs hoping to start business in LAC.

Mr. Rogozinski gave a speech at the IIC seminar

Sustainable Energy and Climate Change Initiative (SECCI)

The IDB Office in Asia represented the IDB at a Symposium on Environmental Finance for Greenhouse Gas Reduction organized by the Mitsubishi UFJ Financial Group. The purpose of the presentation, in the context on the “Peru Year Event”, was to explain the Initiatives the IDB is undertaking for the benefit of Latin America and the Caribbean (LAC) in the area of Sustainable Energy, Bio-fuels and Climate Change.

The challenge of climate change requires a response that is putting the world at the threshold of a significant level of change. This rapid rate of change can provide great opportunities for innovation and growth, but it can also present a risk of acting on impulse rather than on information and analysis. This is an area where the IDB has a role and opportunity to foster and support the scientific and economic analysis necessary to help LAC countries to identify effective and appropriate solutions to climate change in the areas of mitigation and adaptation.

There is a significant gap in the necessary policy frameworks in LAC countries that presents barriers to increased investment in green energy. Finance and technology solutions to climate change are not viable unless there are the appropriate policy frameworks. The IDB will continue to support LAC countries in the area of policy reform. Also, the Bank will help the LAC region define the nature and costs of climate change so that they are able to design the appropriate response strategies.

The global nature of climate change and its regional expressions requires greater cooperation among private and public sector, particularly in scientific and environmental analysis of trends, development of common standards (i.e. energy efficiency, grid development etc.) among other activities.

The Symposium on Environmental Finance for Greenhouse Gas Reduction

MIZUHO CORPORATE BANK, LTD. GRANTED A 50 MILLION SYNDICATED TERM LOAN FACILITY FOR THE INTER-AMERICAN INVESTMENT CORPORATION (IIC)
With this transaction, Mizuho Corporate Bank, LTD and the IIC will promote SME development in the LAC Region

Washington, D.C.- The Inter-American Investment Corporation (IIC) received a US$50 million Ninja loan, syndicated in Japan with Mizuho Corporate Bank, Ltd. (“Mizuho”), Banco Bilbao Vizcaya Argentaria, S.A., Tokyo Branch, and a Japanese regional bank. Mizuho Corporate Bank, Ltd., the arranger of the loan is a subsidiary of the Japan-based Mizuho Financial Group, Inc., one of the largest financial services companies in the world. The IIC and Mizuho have had a solid business relationship for many years.

Mitsuhiro Nagahama, Managing Executive Officer and Head of the Americas for Mizuho Corporate Bank, Ltd. stated: “We are pleased to announce this landmark financing for the IIC, Mizuho expects this transaction to open the door to future Japanese syndications for Latin American entities.”

Ricardo Rico, Treasury Officer at IIC, added, “this transaction helps us diversify our source of financing, further promotes economic development in Latin America and strengthens the relationship with Japan, an important partner in the growth of private enterprise in the region. In addition, Mizuho’s knowledge and experience in the Ninja loan market has contributed to the success of this operation” The IIC plans to use the loan for general corporate purposes that will benefit Latin American countries.

Mr. Rogozinski of the IIC shakes hands with Mr. Nagahama of Mizuho Corporate Bank at the signing ceremony

LAC Ambassador in Japan

Seiko Ishikawa

Birth Place:

Venezuela

Title/Position:

Ambassador

Professional Background:

Engineer

What do you like the most about your country:

I agree with the opinion of most Japanese travelers when they visit Venezuela: they love the welcoming and friendly people.

What do you like the most about Japan and Asia:

The profound respect for society and the devotion to the education of it’s people

Most memorable experience in Japan:

Ceremony of Letter of Credential to HIM the Emperor on October 30^th 2005

Place you enjoy the most in Japan

Onsen, specially surrounded by nature

Favorite location in the world. Why?

Venezuela. Few places in the world can offer a diverse range of beautiful natural habitats, including the Guiana Highlands, Andes Mountain, 3000km of coastline to the Caribbean Sea and Atlantic.

Favorite type of food. Why?

Japanese food, for the subtleness of flavors and the beauty of its presentations, perfectly reflecting the best of season and its ingredients

Recent favorite (movie, hobby etc…):

Tennis, billiard and motorbike riding (currently own Yamaha Drag Star)

One or some of your favorite song(s):

Aldemaro Romero, Oscar D’Leon, Oda Kazumasa, Southern All Star, Richard Bona, Jazz in general

Staff at Inter-American Development Bank

Kaname Yunokawa
Grants and Co-financing Management Unit

Birth Place:

Yugawara city, Kanagawa Prefecture

Title:

Grants and Cofinancing Management Unit

Service Years:

2 years

What the best part of the IDB?

As I work for Latin American countries in Washington D.C, I like that I have come to compare the way of thinking and cultures among the U.S., Latin America and Japan.

Something to change about the IDB:

I have worked at the headquarters since last year, and the environment in the IDB has changed drastically after the institutional realignment. As I am in charge of the Japan Trust Fund, I would like to strive to improve the visibility of Japan.

The best place you like in Latin America and why?

I have only visited several countries in Latin America and the Caribbean region. Among them, paintings by Diego Rivera in the National Palace (Palacio Nacional) in Mexico City were very impressive.

The best restaurant you've ever visited and why?

(Photo by Mr. Yunokawa:
Chocolate of the restaurant)

Fogo de Chão - Brazilian Restaurant in Washington D.C.
Since I have come to the U.S., I found food served in this restaurant tasty. It is not reasonable, but you can enjoy the balanced meal with the salad bar and tasty steaks. The restaurant moderately bustles with other customers, so I feel free to take my child.