Japan Bank for International Cooperation (JBIC) has rejoined ADFIAP and becomes the Association’s 83rd member-institution. It will be recalled that its precursor organization, the Export-Import Bank of Japan, was a Charter Member of ADFIAP. JBIC and ADFIAP, through its member-DFIs, have since a close working cooperation with each other in the international finance arena. At the Association level, JBIC has provided on many occasions, speakers and resource persons in ADFIAP’s annual conferences and seminars. ADFIAP and JBIC are also Co-Chairs of the Asia-Pacific Task Force Outreach Group of the United Nations Environment Programme’s Finance Initiative (UNEPFI).
Following the passage of the Japan Finance Corporation Law on May 18, 2007, the international financial operations (IFOs) of JBIC, National Life Finance Corporation (NLFC), Agriculture, Forestry and Fisheries Finance Corporation (AFC) and Japan Finance Corporation for Small and Medium Enterprise (JASME) will be merged on October 1, 2008, to become a new policy-based financing institution, tentatively called Japan Finance Corporation (JFC).
Of the two types of operations conducted by the current JBIC, JFC will take over IFOs in its international finance sector. However, to maintain international trust and confidence enjoyed by JBIC, the international finance sector of JFC will continue to use the name of JBIC as it conducts international finance operations.
The new JBIC will perform the following three functions in order to contribute to the sound development of the international economy, including Japan.
* Promoting overseas development of natural resources which are strategically important;
* Supporting efforts of Japanese industries to develop international business operations; and,
* Responding to financial disorder in the international economy.
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