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Japan Bank for International Cooperation (JBIC) Delegation visits AfDB
A delegation from the Japan Bank for International Cooperation (JBIC) visited the Bank on Monday, 10 October 2016 in Abidjan, for consultations primarily with the Private Sector and Financial Sector Departments. The delegation was led by Moriyuki Aida, Executive Officer for Europe, the Middle East and Africa (based in London), accompanied by JBIC’s Chief Representative in Paris, Fumio Suzuki.
JBIC’s primary function is that of Japan’s export credit agency (ECA). However, compared with other OECD-member ECAs, JBIC offers an unusual diversity of financial products covering a wide range of activities extending well beyond traditional ECA trade and investment promotion to combatting climate change and maintaining global financial stability. JBIC has participated in a number of major structured and corporate finance alongside AfDB and other DFIs including the Ambatovy mining project in Madagascar and the Egyptian Refining Company. JBIC’s Paris Office covers francophone Africa while the London Office covers Anglophone countries.
JBIC’s stated objective in visiting the Bank was to learn from the Bank’s experience of equity investing, both direct and through private equity funds, as well as Bank’s non-sovereign financing to the Agribusiness and Healthcare sectors. As Mr. Aida explained in his introductory remarks, the background is that JBIC’s mandate has recently expanded in these areas following revision of their corporate charter in May 2016 and Japan’s renewed and expanded commitment to economic cooperation with Africa announced at the Sixth Tokyo International Conference on African Development (TICAD-6) held in Nairobi at the end of August 2016.
The delegation was welcomed by Group Chief Risk Officer, Tim Turner and Private Sector Department Director, Kodeidja Diallo, and had a series of presentations and interactions with the various Private Sector and Financial Sector teams dealing with Equity investment and Portfolio Management, Agribusiness, Industries and Services, Infrastructure, and Financial Intermediation.
At the conclusion, an agenda of prospects was agreed upon for near and medium-term follow-up by designated focal points on both sides, periodic visits or video-conferences and a proposed annual high-level consultation meeting (venue and timing to be defined).