On June 14, the Japan International Cooperation Agency (JICA) signed a Memorandum of Understanding (MoU) on operational cooperation with the British International Investment (BII), a UK government-affiliated development finance institution, at a Japan-UK business event held at 10 Downing Street in conjunction with Prime Minister Sanae Takaichi’s visit to the United Kingdom. at a Japan-UK business event held at 10 Downing Street in conjunction with Prime Minister Sanae Takaichi’s visit to the UK. The signing ceremony was attended by Tetsuya Harada, Director of JICA’s France Office, and Joe Fry, Managing Director and Head of the Capital Markets Group at BII, in the presence of UK Minister for Investment Stockwood.
Scenes from the signing ceremony
Source: Office of the Prime Minister of the United Kingdom (Used under the Open Government License v3.0)
Under this Memorandum of Understanding, JICA and BII will explore opportunities for joint investment and financing in promising development projects in developing countries in Asia and Africa, drawing on the investment and financing experience and expertise that both organizations have accumulated to date.
Developing countries face a host of challenges, including infrastructure development, job creation, and climate change mitigation; however, it is difficult to address these issues adequately with public funds alone, and there is a growing need to make greater use of private capital. Given this situation, it is becoming increasingly important to use public funds as a catalyst to mobilize private capital and generate development outcomes.
Under this Memorandum of Understanding, JICA and BII will strengthen their collaboration with domestic and international investors, including those from Japan and the United Kingdom, and strive to attract further private-sector funding, thereby contributing to the realization of development outcomes such as improving local living standards through job creation and industrial development. These efforts are expected to lead to expanded opportunities for Japanese private-sector companies and financial institutions to participate in rapidly growing emerging markets.
SDGs: Goal 17 (Strengthen the means of implementation and revitalize the global partnership for sustainable development)
© Source JICA