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ECONOMY

JBIC joins hands with Turkey to finance firms’ expansion into Africa

  • March 12, 2018
  • , Nikkei evening edition , p. 3
  • JMH Translation

The Japan Bank for International Cooperation (JBIC) and Turk Eximbank will work together in assisting firms of their countries to engage in infrastructure projects in Africa and other countries. Japanese and Turkish businesses will be able make use of each other’s advantages and complement each other. Turkey’s construction companies have established a solid presence in Africa, the Middle East, and Central Asia, while Japanese businesses have an edge in energy-saving, durable plant construction. The two banks will finance their countries’ businesses to facilitate collaboration to better compete with Chinese rivals.

 

JBIC and Turk Eximbank signed a business partnership accord in mid-February. JBIC is looking to extend joint financing for the Japan’s technology transfer and projects that involve the construction of petrochemical plants, power generation stations, large bridges, and other infrastructure facilities and equipment. Japanese firms will be able to minimize costs by joining hands with Turkish companies. Meanwhile, the involvement of JBIC will help Turkish businesses, which have a marketing edge in Africa and other regions, broaden their financing sources and win projects. (Abridged)

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