Nairobi, Kenya, 29 August 2016 – A new Memorandum of Understanding (MoU) between the Islamic Development Bank(IsDB) Group and the Japan Bank for International Cooperation (JBIC) was signed last Saturday aiming at enhancing the strategic partnership between the two institutions to promote development in IsDB’s African member countries.

IsDB Vice President for Sector Operations, Dr. Mansur Muhtar, and JBIC Governor, Mr. Akira Kondoh, signed the MoU. The ceremony took place during the 6th Tokyo International Conference on African Development (TICAD VI) held in Nairobi, Kenya.

The key focus of the MoU is to work on areas of mutual interest between the two organizations. The partnership will focus on project finance and Islamic finance, participation in long-term syndications, and risk-sharing arrangements for non-sovereign transactions. It will provide coverage by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to finance facilities provided by JBIC. Other areas of mutual interest include organizing seminars and training on project
finance and Islamic finance, and sharing knowledge about IsDB and JBIC financing programs and information related to foreign investments.

“IsDB sees strategic partnerships with other bilateral and multilateral development partners as an important tool to help create jobs and reduce poverty,” said Dr. Muhtar. “Development cooperation and collaboration with partners in Africa is a top priority for IsDB. By signing this MoU, both IsDB and JBIC are confirming that we are working together for a more secure future for people in Africa.”

“IsDB and JBIC are very pleased to renew the long lasting cooperative relationship between the two institutions, initiated through the signing of the first MoU in September 2007,” said Mr. Kondoh. “By renewing this MoU, JBIC will extend its collaboration with the other services and products offered by IsDB to further enhance effective development intervention in Africa for the well-being of the African people.”