Overseas Private Investment Corporation (OPIC) has inked a memorandum of understanding (MoU) with Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI).
Under the agreement, OPIC, the US government’s development finance institution, aims to tackle development challenges and to bolster investment in infrastructure, energy, and other critical sectors throughout Asia and the Indo-Pacific region, the Middle East, and Africa.
The MoU was signed by OPIC President and Chief Executive Officer Ray W. Washburne, JBIC Chief Executive Officer and Executive Managing Director Tadashi Maeda, and NEXI Chairman and Chief Executive Officer Kazuhiko Bando.
During his remarks on Monday in Tokyo to American and Japanese business leaders, President Donald J. Trump stated that the agreements are “a major development that will advance our shared interests in the region.”
Each MoU develops a framework for co-operation between the agencies to bolster support for investment in emerging markets by mutually collaborating on projects that meet policy objectives and by co-ordinating business development efforts.
“These agreements will allow us to have a broader impact while strengthening the continued work between the US and Japan,” Washburne said. “Through focusing on infrastructure and energy projects around the globe, we can enhance the position of our respective private sector companies in an increasingly competitive global market.”
The MOUs follow the recent Japan-US Economic Dialogue, when the governments of Japan and the United States committed to bolstering energy and infrastructure projects in emerging markets.
To date, OPIC, JBIC, and NEXI have co-ordinated support for several projects together, including a 370MW natural gas-fired power plant in Jordan and a private equity fund supporting the renewable energy value chain in India and South Asia.
From Tokyo, Washburne is traveling to Viet Nam in conjunction with President Trump’s visit to the Asia-Pacific Economic Cooperation Chief Executive Officer Summit.
OPIC is a self-sustaining US government agency that helps American businesses invest in emerging markets. Its services are available to new and expanding businesses planning to invest in more than 160 countries worldwide. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers. All OPIC projects must adhere to best international practices and cannot cause job loss in the United States. — VNS