EBRD and Japan to strengthen economic cooperation

By Nibal Zgheib

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  • EBRD and NEXI to accelerate efforts in regions where both organisations operate
  • Partners seek to explore ways of utilising financial resources
  • Signing of Memorandum of Understanding confirms mutual commitment

The European Bank for Reconstruction and Development (EBRD) and Nippon Export and Investment Insurance (NEXI) are seeking to strengthen their relationship and accelerate their efforts to develop economies in regions where both organisations operate.

In a Memorandum of Understanding signed by the two parties, the EBRD and NEXI agreed to explore and develop channels to use their financial resources in projects and to combine their financing expertise.

A particular area of focus area for this cooperation will be support for the development of sustainable infrastructure, reflecting the high priority that both institutions place on the topic. This is in line with the EBRD’s Green Economy Transition approach, which has taken the Bank’s green investments to more than 40 per cent of annual investment last year and is set to exceed 50 per cent by 2025.

Jürgen Rigterink, the EBRD Acting President, said: “We are very happy to join forces with NEXI to advance the economies in our regions. This agreement will help increase business ties, investments in the green economy and the flow of trade.”

NEXI is the official export credit agency of Japan and is wholly owned by the government. It conducts insurance business, covering risks which arise in foreign transactions carried out by Japanese companies not covered by commercial insurance.

The EBRD promotes private sector development and sustainable and inclusive growth through a combination of investment, policy engagement and technical assistance. Last year, the EBRD financed 452 individual projects in 38 economies in Europe, Asia and Africa and financing exceeded €10 billion for the first time in the Bank’s history, rising to €10.1 billion from €9.5 billion in 2018.

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