Japan Bank for International Co-operation opens office in the Dubai International Financial CentrePress Release23 Apr 2006 11:00 am
The Japan Bank for International Co-operation (JBIC) today opened its 26th representative office in the Dubai International Financial Centre (DIFC). Headed by Chief Representative Nobuyuki Higashi, the DIFC branch will cover the GCC countries, Iran and Yemen.
Fumio Hoshi, Senior Executive Director from JBIC commented: “We are very pleased to open our new representative office in the DIFC. The Gate building is a symbol of growth. Dubai has become a base for business and economic development between the MENA region and Japan. “
Dr Omar Bin Sulaiman, Director General of Dubai International Financial Centre Authority, commented: “We are delighted to welcome Japan Bank for International Co-operation to the DIFC. We look forward to working together specially as we share a common goal – to promote regional economic growth and stability. JBIC is well established as an institution that is mandated not only to promote Japanese exports, imports, but also economic activities overseas for the stability of the international financial order. JBIC has recognised the strategic importance of the region and of the DIFC.”
JBIC is a Japanese Government Institution, which was established in 1999 following the merger of the Export-Import Bank of Japan (JEXIM) and the Overseas Economic Cooperation Fund (OECF). JBIC’s objectives consist of promoting Japanese international trade and investment, the security of energy supply to Japan, economic assistance for developing countries and contributing to the stability of the international financial market. JBIC has a variety of financial programs at its disposal, including sovereign loans to host countries, project finance or structured finance based loans, as well as corporate loans to Japanese entities. JBIC can provide optimal finance in order to realize a project with mitigating risks based on its close relations with host countries and cooperation with multilateral financial institutions and other official or private banks.
Backed by the current booming economy in Middle East countries, JBIC is expanding its activities in this region. The Japanese economy being heavily dependent on energy supplies from Middle East countries, the JBIC is tasked with enhancing Japanese oil and gas development in this region. JBIC also supports other industries, such as petrochemicals, fertilizers and manufacturing sector, which contribute to the diversification of the economy in Middle East countries. JBIC also plans to support infrastructure development in the region, particularly in the fields of power water supply and transport sector.