The Japan International Cooperation Agency (JICA) and the European Bank for Reconstruction and Development (EBRD) are planning to scale up investments in sustainable energy and infrastructure, as well as in sectors identified in the United Nations’ Sustainable Development Goals. The two institutions also want to enhance the effectiveness and sustainability of their operations in countries where they both are active.

A new agreement to support economic and social development in the Caucasus, Central Asia, Europe, and North Africa was signed on April 28 by EBRD vice president Alain Pilloux and JICA senior vice president Keiichiro Nakazawa. It seeks to combine the private sector expertise and public sector mandate of the both parties.

The accord builds on a previous agreement between the EBRD and JICA signed over a decade ago and outlines joint activity in the following sectors: cooperating on renewable energy projects in the Caucasus, Central Asia, Europe and North Africa; promoting environmental conservation, and climate change mitigation and adaptation; improving the investment climate and private sector development in sustainable energy and infrastructure sectors; enhancing financial inclusion and growth of local micro, small and medium-sized enterprises (MSMEs) through access to financial services, technical assistance and co-financing arrangements; coordinating and sharing information on existing and new instruments of assistance and technical cooperation opportunities; and sharing country and sector assistance strategies to ensure effective coordination at the project level.

“Today’s agreement will help us strengthen and grow our long-term engagement and strong complementarity with JICA," said EBRD vice president Alain Pilloux. "It opens new co-financing opportunities in the areas of sustainable energy, green economy, infrastructure, financial inclusion, SME support and many others.”

“Conclusion of this agreement will further strengthen and expand our partnerships to promote co-financing in private sector investment operations," added JICA senior vice president Keiichiro Nakazawa. "We will look forward to our continuous and close cooperation for the new co-financing opportunity in the near future.”