Islamic Development Bank (IDB) Group and the Japan Bank for International Cooperation (JBIC) signed a new Memorandum of Understanding (MoU) 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, Akira Kondoh, signed the MoU during the 6th Tokyo International Conference on African Development (TICAD VI) held in Nairobi.

    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.