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Japan and IDB strengthen ties through energy and knowledge-sharing agreement

BUSAN, Korea – The Japan International Cooperation Agency (JICA) and Japan’s NEC Corporation pledged to work alongside the Inter-American Development Bank in the areas of energy and knowledge in Latin America and the Caribbean, underscoring Japan’s expanded commitment to the region’s development through both its public and private sector entities.

The agreements were signed during the Inter-American Development Bank and Inter-American Investment Corporation (IDB-IIC) Annual Meeting of the Boards of Governors in Busan, Korea, deepening Japan’s longstanding partnership with Latin America and the Caribbean. Japan has been a member of the IDB since 1976.

IDB President Luis Alberto Moreno, JICA President Akihiko Tanaka and Mr. Wilfredo Cerrato Rodríguez, Honduras’ Minister of Finance met for a joint signing ceremony, finalizing an agreement between Honduras and the IDB for $23 million and another between Honduras and JICA for about $135 million.

Resulting from the IDB-JICA Co-financing for Renewable Energy and Energy Efficiency (CORE) program, these agreements will support the Cañaveral – Río Lindo hydroelectric power plants to enhance efficiency, infrastructure, renewable-based electricity generating capacity, and energy security. These signings mark the first instance in a long history of collaboration where two agreements funding a joint project were formalized in the same place and on the same day, reflecting the uniquely tight partnership behind these co-financing efforts.

On the private sector side, the Bank’s newly solidified partnership with NEC Corporation marks its first ever Memorandum of Understanding (MOU) signing with a Japanese private manufacturer and the first with a Japanese private sector entity since 2009.

A company dedicated to advancing the world‘s social infrastructure by leveraging ICT and new business models, NEC’s Executive Vice President Takayuki Morita formalized the collaboration alongside President Moreno. Moving forward, the partners will work to utilize knowledge as a vehicle for development, conducting a joint study on data centers with key technologies like cloud-computing as a means for improving security, governance, socio-economic development, and ultimately quality of life in LAC.

About the IDB: Established in 1959, the Inter-American Development Bank (IDB) is the leading source of development financing for Latin America and the Caribbean, with a strong commitment to achieve measurable results, increased integrity, transparency and accountability. It has an evolving reform agenda that seeks to increase our development impact in the region.

About JICA: The Japan International Cooperation Agency (JICA), an incorporated administrative agency established in 2003, aims to contribute to the promotion of international cooperation as well as the sound development of Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions through providing bilateral aid in the form of Technical Cooperation, Japanese ODA Loans and Grant Aid.

About NEC Corporation: NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. By providing a combination of products and solutions that cross-utilize the company's experience and global resources, NEC's advanced technologies meet the complex and ever-changing needs of its customers. NEC brings more than 100 years of expertise in technological innovation to empower people, businesses and society.

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