JBIC And Egypt Strengthen Partnership For Decarbonization Efforts

The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed a memorandum of understanding (MOU) with the Ministry of International Cooperation of Egypt (MoIC; Minister of International Cooperation, representing the government of the Arab Republic of Egypt: Dr Rania Al Mashat) to strengthen the strategic partnership in a variety of sectors including decarbonization, taking the opportunity of the Japan-Egypt Summit Meeting held in Egypt.

Egypt, which had the Presidency of the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 27), released its nationally determined contribution of a 33% reduction in greenhouse gas (GHG) emissions in the electricity sector by 2030 through multiple initiatives including the promotion of renewable energy. The MOU aims to support Japanese companies expanding their business in a wide range of sectors including decarbonization, such as renewable energy, hydrogen, and ammonia, by strengthening the partnership between JBIC and the Government of Egypt. This partnership is expected to promote sustainable development in Egypt, in line with the Nexus of Food, Water and Energy (NWFE) program, the Decent Life Initiative, and the Sustainable Development Goals (SDGs).

In the Fourth Medium-term Business Plan released in June 2021, JBIC aims to respond to energy transformation toward the realization of a decarbonized society. In addition, in its ESG Policy released in October 2021, in line with the international goals to achieve the objectives of the Paris Agreement, JBIC is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030 and to achieve net zero emissions of its finance portfolio by 2050. The ESG Policy adds that through continued engagement with the relevant national governments and authorities, JBIC will contribute toward realizing global carbon neutrality by supporting and accelerating the energy transition toward a decarbonized society in emerging and developing countries. The signing of the MOU is in line with the Medium-term Business Plan and ESG Policy of JBIC.

As Japan’s policy-based financial institution, JBIC will continue to actively support the creation and promotion of business opportunities for Japanese companies and contribute toward the further development of economic relations between the two countries by collaborating closely with such overseas governments.