JBIC is a policy-based financial institution of Japan and conducts lending, investment and guarantee operations while complementing private sector financial institutions.
JBIC’s mission is to contribute to the sound development of Japan and international economy and society by conducting financial operation in four fields:
- Promoting the overseas development and securement of resources which are important for Japan.
- Maintaining and improving the international competitiveness of Japanese industries.
- Promoting the overseas business having the purpose of preserving the global environment, such as preventing global warming.
- Preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption.
JBIC is a policy-based financial institution of Japan and conducts lending, investment and guarantee operations while complementing private sector financial institutions.
Kenny Kitamura, Chief Representative for the Middle East, Japan Bank for International Cooperation (JBIC)
Bridges: What are the historical ties between the UAE and JBIC?
Kitamura: History of UAE and JBIC has developed in mainly two sectors: energy and infrastructure. In 2007, we provided a loan to ADNOC to secure stable supply of crude oil from ADNOC. Successful transaction attracted high interest from both UAE and Japan which resulted in a series of financing to ADNOC. Accumulated co-financing amount reached over US$18 billion. On top of these transactions, JBIC provided loans to oil field developments in UAE, such as Satah Field/Umm Al-Dalkh Oil Field, Upper Zakum Oil Field and Lower Zakum Oil Field.
On the infrastructure, JBIC project finance loan to Taweelah B Independent Water and Power Producer (IWPP) project in 2005 un-locked huge cooperation opportunity between UAE and Japan. Till now, Japanese companies are one of leading players in IPP/IWPP projects in UAE, of which we are hugely proud. We also supported diversification of UAE economy through our finance to Al Gharbia pipe company.
Bridges: Energy, infrastructure and water projects drive economies. What role does JBIC play in the UAE?
Kitamura: Through its financing, JBIC serves as a bridge, connecting Japanese companies with opportunities in UAE while catalyzing finance from private financial institution. Through close dialogue with key players, we contribute in securing affordable, stable and reliable energy, infrastructure and water to UAE. On the energy sector, we connect supply from UAE to demand from Japan. We are extremely grateful for UAE to be a reliable and long-term partner of Japan.
JBIC has already embarked on ‘Green journey’ with UAE through our finance to Project Lightning and Warsan Waste to Energy project.
Bridges: What recent UAE projects has JBIC been involved with?
Kitamura: In 2022, JBIC concluded a project finance loan to Project Lightning, high voltage direct current (HVDC) offshore electricity transmission project, in Abu Dhabi, sponsored by Kyushu Electric Power Company, ADNOC and others. Project Lightning contributes in decarbonization of ADNOC operation as it connects offshore energy production facilities with onshore electricity grids via subsea cable, allowing the offshore facilities to receive electricity that produced efficiently onshore.
Our project finance loan to Warsan Waste to Energy is another recent example where we support implementing more sustainable waste management system in UAE. We are proud to join this landmark, the first waste to energy project in Dubai which processes up to 45% of Dubai’s current municipal waste generation, together with ITOCHU Corporation, Hitachi Zosen Corporation.
Bridges: COP28: Sustainability remains a key pillar of the modern world. How would you describe JBIC’s ‘Green journey’ with the UAE?
Kitamura: JBIC has already embarked on ‘Green journey’ with UAE through our finance to Project Lightning and Warsan Waste to Energy project. We are delighted to share with you that there are some ongoing projects in the field of new energy with key players in UAE as well as projects to address issues for hard-to-abate sectors, using technologies and investments from Japan. Building upon solid strategic relationship through past transactions, JBIC will closely work with UAE throughout the journey.
I hope Japan and JBIC, working closely with countries in the region including UAE, would take a key role in securing regional stability and shared prosperity through enhanced economic cooperation and connectivity.
Bridges: What does the next chapter hold for JBIC in the UAE looking towards the next 50 years?
Kitamura: I expect JBIC would be standing at forefront of enhancing strategic partnership between UAE and Japan through our financing on energy transition, new economy as well as traditional energy and infrastructure. Also, I hope Japan and JBIC, working closely with countries in the region including UAE, would take a key role in securing regional stability and shared prosperity through enhanced economic cooperation and connectivity.
