The Japan Bank for International Cooperation (JBIC) and Saudi Electricity Company (SEC) have signed a Memorandum of Understanding (MOU) to bolster their partnership, seizing the opportunity of the Islamic Development Bank (IsDB) Group Annual Meetings in Riyadh, Saudi Arabia.
SEC, Saudi Arabia’s national vertically integrated power utility, is actively pursuing energy transitions as part of its national transformation plan, Saudi Vision 2030. The MOU aims to facilitate solutions for SEC’s upcoming projects by leveraging investments from Japanese companies, introducing Japanese products and technologies, and providing financial support.
Additionally, the MOU seeks to broaden collaboration areas between Japan and Saudi Arabia, including renewable energy growth, transmission infrastructure enhancement, such as interconnection projects, and smart city development. This partnership is anticipated to create business prospects for Japanese firms in Saudi Arabia and beyond.
JBIC has been supporting SEC’s power projects, including the interconnection project between Saudi Arabia and Egypt financed through GREEN operations in 2023. This project aims to optimize electricity usage and stabilize power exchange between the two countries, aligning with their renewable energy promotion goals. JBIC and SEC have expanded their cooperation to include interconnection projects involving third countries.
Aligned with JBIC’s Fourth Medium-term Business Plan and ESG Policy, which prioritize the transition to a decarbonized society, the MOU underscores JBIC’s commitment to supporting global carbon neutrality. It builds upon previous partnerships, such as the MOU with the Public Investment Fund (PIF) and the National Debt Management Center (NDMC), to advance sustainable growth initiatives in Saudi Arabia involving Japanese companies. This multifaceted collaboration with public institutions reflects JBIC’s dedication to fostering decarbonization efforts.
As Japan’s policy-based financial institution, JBIC remains steadfast in facilitating business opportunities for Japanese companies through enhanced cooperation in the decarbonization sector with key partners.
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 and Saudi Electricity Company (SEC) have signed a Memorandum of Understanding (MOU) to enhance collaboration on energy transition projects, creating opportunities for Japanese companies and advancing decarbonization efforts in Saudi Arabia and beyond.){kind=link}