JBIC

March 2019

Today

March 2019

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Press and External Affairs Division, Corporate Planning Department, Corporate Planning Group, Japan Bank for International Cooperation

4-1, Ohtemachi, 1-chome Chiyoda-ku, Tokyo 100-8144, Japan Tel. +81-3-5218-3100 URL: https://www.jbic.go.jp/en/

JBIC publishes this magazine quarterly.

Japan Bank for International Cooperation

Aiming to be a navigator that helps
Japanese companies expand businessoverseas in an uncertain world
Special Issue
Overview of JBIC's
Top Interview

Changing the corporate culture andacting as a “spearhead”

Tadashi Maeda
Governor
JBIC

Special Interview

Koji Fujiwara
President & CEO
Mizuho Bank, Ltd.

Masaki Sakuyama
Chairman
The Japan
Electrical Manufacturers'
Association (JEMA)

Medium-term
Business Plan
(FY2018–FY2020)

Special Issue| Overview of JBIC’s Medium-term Business Plan

In its third medium-term business plan for FY20182020, JBIC set out a medium- to long-term vision for
the first time. This vision provides a picture of whereor what JBIC wishes to be or become in 10 years,
defining its roles as a “navigator” for Japanese companies seeking to expand overseas in an uncertain
world. JBIC’s Governor Tadashi Maeda talked about
his wishes and expectations reflected in the new
medium-term business plan.

Helping to restore Japan’s glory- Please tell us about the challenges and aspirations
you indicated in the new medium-term business plan.

TOP INTERVIEW

Changing the corporate culture
and acting as a “spearhead”

Tadashi Maeda

JBIC’s medium-term business plans so far have focused onfaithfully carrying out its statutory missions. However, we significantly changed the concept of our medium-term businessplan this time as we feel it is necessary to clarify and communicate externally our organizational structure policy, key businessareas to focus on, as well as objectives for the next three years.
In particular, we have identified five key business areas that wewill focus on for the next three years. In the new medium-termbusiness plan, four high-priority focus areas out of five are explained in the order of the most challenging area to the lesschallenging ones. The business activities that JBIC has pursued
until now are presented in the category of a fifth focus area, titled “Consistent implementation of policy based finance and restructuring of operations” (see Page 11).
In the “growth areas, new fields”, which is our first priority
business area to focus on, particularly in relation to investment
in overseas funds, we will serve as a fund manager who manages
funds and makes investment decisions, in addition to acting as alimited partner who simply provides funding. To achieve this purpose, we established a subsidiary for the asset managementbusiness called JBIC IG Partners in collaboration with Industrial
Growth Platform, Inc. in June 2017. This joint venture has enabled us to invest in growth areas and new fields including startup companies where JBIC has never been involved. We put thisobjective at the top of the list because we wished to demonstratethat we will emphasize the use of equity financing which enables
us to expand into areas with high growth potential yet relatively
high risk. Although there are few unicorn companies (Note) in Japan, it is an immediate need to bring in new advanced technologies to industries such as IoT and AI as we enter the age of the
Fourth Industrial Revolution and Connected Industries. While I
was working in Washington D.C. two times, I saw Japan losing
influence during the “Lost Two Decades” of its economic growth,
while emerging countries were rising. This experience motivatedme to give the highest priority to growth areas and new fields inthe new medium-term business plan because I wanted Japan torestore its glory.
In the area of “overseas infrastructure development”, we havesupported projects so far by participating from the beginning of
the project development process as a lender. Going forward, however, we will also provide support utilizing equity financing methods such as equity participation and investment in overseas funds.
To address these challenges, JBIC needs to change its corporate culture. JBIC has to be more proactive in taking risks in supporting Japanese companies, including through equity financing.
Such risk-taking attitude can be described by the word “spearhead,” meaning “leading” and “standing at the forefront.” I used
the word “spearhead” in the new medium-term business plan,
stating that “JBIC must act as a spearhead.”(Note) Unicorn company: An unlisted venture company with a valuation exceeding one
billion dollars.

Making the corporate culture
more proactive
Looking at world trends, it is obvious that we need to make ourcorporate culture more proactive and forward-looking. An agency
such as JBIC that extends credit to export businesses is called an
export credit agency (ECA) and the principle of a level playing fieldhas been shared among OECD countris. However, as non-OECD
countries such as BRICs are achieving rapid economic growth, thisprinciple no longer applies only to OECD countries.

Governor
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Japan Bank for International
Cooperation (JBIC)

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3Special Issue| Overview of JBIC’s Medium-term Business Plan

In response to this change, a concept different from ECAs
has emerged in Europe. More specifically, dynamic changes
have been made to the regulatory framework of ECAs. Throughthese changes, public organizations which can provide direct financing to businesses in addition to export credit have been
newly established in Europe. Looking at the United States, a legislation called the Build America Act was introduced in October
2018. This led to the restructuring of a government agency
called Overseas Private Investment Corporation (OPIC) with theaim of establishing a new organization which can provide loans
as well as make investments. Through this organizationalchange, some functions of the United States Agency for International Development (USAID), the primary federal agency for humanitarian aid and anti-poverty work, were integrated into theorganization of OPIC.
Amid these trends, attention is drawn to the role of development finance institutions (DFIs) apart from that of ECAs. A DFI isa financial institution that provides funds to various economic
development projects, apart from Official Development Assistance (ODA), while promoting private-sector investment and financing. DFIs in Europe and the United States play a crucial rolein providing finance to the private sector for investments in economic development especially in developing countries. To respond to such global trends, JBIC is required to shift to a moreproactive corporate culture.
Another trend that should be noted is the spread of social
impact investing to address a range of social issues. Social impact investing is investment intended to generate financial returns as well as tackle various social issues and challenges
such as the global environment and economic disparities. This
investment approach is starting to prevail in the world. I hopeto encourage this social impact investing to take root in Japan.
I believe JBIC should take a proactive role in supporting suchan investment approach.

Improving employees’ abilities andcreating a muscular organization- It must be hard to change the corporate culture.
I think it is essential to change the corporate culture at thetime when we are required to address risks different from thosein the past as a “navigator” for Japanese companies to expand
overseas, as set out in our medium- to long-term vision. JBIC iscurrently implementing organizational reforms including changes to its personnel and management systems, as well as employees’ working style. I believe that our employees can improvetheir abilities with the help of these reforms, and that their enhanced abilities will help JBIC to transform into a more muscular organization to address current social issues and challenges.

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March 2019

JBIC Today- What experience motivated you to improve the abilitiesof your employees?
Let me talk about my experience while I was working in the
Washington D.C. office of the Export-Import Bank of Japan (JBIC’spredecessor). In the 1980s, for example, the Export-Import Bank ofJapan extended co-financing with the World Bank and parallel financing with the IMF in terms of accumulated debts in Latin American countries. The IMF also provided financial assistance to
low-income countries through the Enhanced Structural Adjustment
Facility (ESAF). The Export-Import Bank of Japan played the central
role in providing support to these countries and I spent much of mytime and energy negotiating to arrange financing for them.
Although JBIC played a main role in arranging financial support, the decisions on whether to provide financing or not weremade by the Ministry of Finance of Japan and the U.S. Departmentof the Treasury. This made me feel that we were merely a tool to
implement what they decided and that we should be involved in
discussions with high-ranking officials of the U.S. Department of
the Treasury and other agencies at the policy decision level. Backthen, I was a young employee who was working at an overseas
office of the Export-Import Bank of Japan, but the great thing about
America is that Americans do not mind associating with people
who they find interesting regardless of their job titles. This helped
me to build relationships with the Under-Secretary of the U.S. Department of the Treasury and presidential advisor in the WhiteTOP INTERVIEWHouse. To communicate better with those high-ranking government
officials, I worked very hard on my English and studied Japan’s domestic economic and political situation which I thought would beinteresting for them to learn about. These also helped me to form
my own views and opinions about Japan’s situation.
In light of these experiences, I strongly feel I need to give
JBIC’s employees more opportunities than ever to challenge andgrow in their career as they have potential abilities and skills.
- What efforts are you making as JBIC’s governor to increase the potential skills of employees?
My new approach is to have younger employees accompany
me on overseas business trips. The purpose of this is to let themsee with whom and on what issues their top management negotiates, rather than simply accompanying on my business trips. I believe this strongly motivates them. What is important is to givethem opportunities to see what is happening at the negotiatingtable during very important meetings where they are present. I
think every person has their own ideas of the scope of their roles.
For example, if you are a manager, you might have already decided
the range of work you will engage in as a manager and focus on
working within your designated scope of business. I need to givemy employees more motivation to change their attitudes toward
their roles. Without motivating employees, we cannot truly transform into a muscular organization.

Signing of a MOU with OPIC, Department of Foreign Affairs and Trade of Australia and the Export Finance andInsurance Corporation of Australia (from left to right: U.S. Ambassador to Japan, William F. “Bill” Hagerty IV,
JBIC Governor Tadashi Maeda and Australian Ambassador to Japan, H.E. Mr Richard Court AC).

Conveying messages from ageo-economic viewpoint- What messages will you communicate in implementing
JBIC’s new medium-term business plan?
One of the major points I would like to focus on in the medium-term business plan is a geo-economic perspective aimed at
establishing relationships with other countries through economic means. For example, China’s Belt and Road Initiative has
geo-economic implications. In recent years, the diplomatic approaches taken by every country for global and regional strategies have shifted from the geo-political approach considering
military power within international relations, to the geo-economic approach seeking national interests through economic
and trade activities.
Under such environment, on the occasion of the visit of the
U.S. Vice President Mike Pence to Japan in November 2018, JBIC
signed a memorandum of understanding (MOU) on business cooperation with OPIC of the U.S., the Department of Foreign Affairs
and Trade of Australia and the Export Finance and Insurance Corporation of Australia. The aim of this MOU is to further enhancecooperation among Japan, the U.S. and Australia which adopt
global standards, under the “Free and Open Indo-Pacific Strategy”
emphasized by Japanese Prime Minister Shinzo Abe. To promote
the concept of this strategy, I met and exchanged opinions with
the United States Ambassador to Japan and the Australian Ambassador to Japan during the visit of the U.S. Vice President.
These are only a few examples of JBIC’s activities to promote relationships with other countries. Our partnership withthose major countries is extremely important particularly from ageo-economic standpoint. With this in mind, I will continue topresent JBIC’s efforts and plans to enhance cooperation withmajor countries for improving regional connectivity.

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Special Issue| Overview of JBIC’s Medium-term Business Plan
SpecialInterview

Solve the global finan cial issues and create“ Common Value ” by collaborating with JBIC,
which connects the pu blic and private sectors- What is your view on the current situation in the financial world?
The global economy is at a major turning point in its history. Looking back at the global financial markets in the past three decades, there
were three main crises-Black Monday in 1987, the Asian Currency Crisis in 1997 and the global financial crisis in 2008. These occurred about
every 10 years, sending the Japanese economy into a prolonged slowdown. On the other hand, digital technologies such as AI, the blockchain, and IoT have been developing rapidly, and the circumstances
surrounding the financial world continue to change significantly. Looking at the world, the center of the global economy is shifting from thewest to Asia, driven by the emergence of China. We need to change
our awareness amid growing interest in environmental issues, poverty and socio-economic disparities, as expressed by the terms “sustainable development goals (SDGs)” and “environment, society andgovernance (ESG)”. Currently, the world economy is on a recovery
track supported by the stable growth of the U.S. economy. However,certain risks persist that include a drift towards protectionism, trade
friction between the U.S. and China, currency depreciation and fundoutflows in emerging countries, as well as political instability inEurope. Therefore, close attention is required as to how these factors will affect the Japanese economy.
Under these harsh circumstances, the Japanese public
and private sectors are playing an increasing number ofroles as “Team Japan.” JBIC is the best partner for our bankand other private financial institutions when addressing
global financial issues and challenges. I believe that there are
greater opportunities for both the public and private sectors towork together in contributing to global society.

Koji Fujiwara
President & CEO
Mizuho Bank, Ltd.
ProfileChairmanJapanese Bankers Association

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significant for us because financing that project helped not only tomaintain and increase the international competitiveness of Japanesecompanies, but also to reduce CO2 emissions in India. Other significant
projects that we financed in cooperation with JBIC included the Mozambique Nacala railway and port infrastructure project by Mitsui &Co., Ltd. and strategic M&A transactions by Japanese companies suchas the purchase of Endurance Specialty Holdings Ltd. by Sompo Japan
Nipponkoa Insurance Inc. The Nacala railway and port construction
project is expected to contribute to the long-term stable supply of coalto Japan. JBIC’s financing to meet the needs for funding in foreign currencies was an important factor in structuring a loan scheme for the
M&A deal by Sompo Japan Nipponkoa Insurance.
- What do you expect of JBIC in the future?
- How would you evaluate JBIC’s activities for the past
three years?
Various sectors are reaching a turning point. In such an environment, we regard JBIC as an essential partner in creating common values globally. JBIC has played a greater role in supplementing transactions performed by private financial institutions and promoting
public-private partnerships through its functions, particularly supplying
foreign currencies, extending support for business expansion into frontier areas and providing long-term financing.
In its medium-term business plan for FY2015-2017, JBIC provided
financing to Japanese companies under its financing facilities to support their overseas M&A transactions. In addition to these activities,
JBIC launched new financing operations called “Special Operations” totake more risk in supporting overseas infrastructure projects by Japanese companies, while establishing a new business function known as
the Equity Finance Group to enhance its capability in the area of equity
financing from the viewpoint of the increased supply of funding for projects involving Japanese companies. I feel these various financing
frameworks established by JBIC to strengthen the international competitiveness of Japanese companies are of great significance for private financial institutions including our bank.
One of JBIC’s financing transactions that I would particularly like tomention here is the project finance (signed in September 2017) for asolar power generation project in India where our bank participated asa lead arranger. Support for SoftBank Group’s construction of its firstoverseas photovoltaic generation project in India, where electricity demand is growing rapidly due to strong economic growth, was highly

A framework to build a global partnership to achieve sustainable
development goals (SDGs) and sustainable growth has been promoted
throughout the world. The Japanese Bankers Association, where I
serve as chairman, also set up a policy to push forward this framework. To support the achievement of SDGs and sustainable development by all countries in a global partnership, I hope JBIC will take thelead in connecting the public and private sectors. I would like to emphasize “creating common values”, believing that if common values
are created between private financial institutions and JBIC as a policy-based financial institution, and also between Japan and host countries, it can lay the foundation for creating global values which can beshared with other countries.
JBIC is an institution connecting the government and the private sector, and is a strong partner for private financial institutions such as ourbank. JBIC is working towards achieving its vision of “serving as a navigator for Japanese companies to expand overseas business in an uncertain world.” Amid such situation, we would like to move forwards inpartnership with JBIC, capitalizing on our respective strengths.
In its new medium-term business plan, JBIC aims to “support Japanese companies in expanding into frontier markets”. While promoting acollaborative relationship with JBIC, we would like to assist Japanesecompanies in expanding overseas by establishing cross-regional businessvalue chains particularly in Asia and by providing financial solutions. As
for JBIC’s action plan “to support infrastructure projects that are highly
important on the policy front”, we hope JBIC will support us, from the
beginning of the project development process, in structuring a bankable
scheme, for example, under public-private partnerships (PPP), in Southeast Asia where Japanese companies are keen to expand.

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Special Issue| Overview of JBIC’s Medium-term Business Planareas, JEMA member companies would like to satisfy the increasing worldwide demand for electricity.
In the industrial system sector, smart manufacturing utilizing digital technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI) is attracting attention, while consumers are more interested in energy-saving and high-value added products in the homeelectrical appliances sector.
Digital technology innovation such as the IoT and AI has become aworldwide trend observed in all of these sectors. In response, our member companies are striving to launch new products and services.
- JBIC has been helping JEMA’s member companies to expand overseas business. Of the projects you worked on in thethree years covered by the previous medium-term businessplan, which one impressed you most?

SpecialInterview

JEMA and JBIC share the same goal :JEMA wishes JBIC to serve as a“navigator” for Japanese companies- Please describe the business environment surrounding
JEMA’s member companies.
The products manufactured by JEMA member companies can
be classified into products of the following three sectors: heavy
electric machinery, industrial systems and home electrical appliances. The structure of these three sectors, particularly the heavy
electric machinery sector, is in the middle of a transition. Amid
continuing growth in global demand for electricity on the back of
the expanding middle-income group in emerging countries, power
generation infrastructure is shifting from “centralized” large-scale
power generation, such as by nuclear and thermal power technologies, to “distributed” small-scale power generation, such as using
renewable energy sources. In response to this change in the structure of the heavy electric machinery sector, products required for

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power generation are also changing. Meanwhile, I believe thegrowth in global electricity demand will definitely provide a tailwind for JEMA member companies. To grow in promising business

Masaki Sakuyama
Chairman

The Japan Electrical Manufacturers'
Association (JEMA)
ProfileChairman
Mitsubishi Electric Corporation

I understand that JBIC has helped strengthen the international
competitiveness of our member companies, particularly in the heavy
electric machinery sector where the export of high-quality infrastructure is promoted. In the project to export equipment to the Muara
Karang gas-fired combined cycle power plant in Indonesia (signed in
March 2017), JBIC extended long-term financing in foreign currency
to a state-owned power company in Indonesia for the purchase of
power generators manufactured by Mitsubishi Electric Corporation.
I feel this project was very significant because it was a good example of exporting high-quality infrastructure by a Japanese company.
There is also another reason why this project greatly impressed me.
About 35 years ago, I was involved in designing and developing two
power generators which were delivered for this project. This was actually the start of my business career. When I heard that those power
generators were upgraded this time, I could imagine how this power
plant has turned into an advanced facility.
JBIC has also supported geothermal power generation projects
involving JEMA member companies through its various financial
schemes. JBIC provided financing to the Rantau Dedap Geothermal
Power Project in Indonesia (signed in March 2018) in the form of project financing, and also for the export of machinery for geothermal
power generation to the national power company of Iceland (signed
in December 2015).
Furthermore, the project to export a set of substation facilities to
the government of Iraq (signed in March 2017) was another impressive project as it was the first project financed under JBIC’s new operation called “Special Operations” where its risk-taking function
was enhanced as a result of the revision of the JBIC Act. This revision also expanded the scope of financing projects in developed
countries, which led JBIC to support a Japanese company in implementing the first waste treatment and power generation project in
the U.S. (signed in March 2017). JBIC played an important role instructuring a financing scheme for this project.

that JEMA highlighted in its plan for “Main Activities.”
I feel that our member companies have high expectations for
JBIC’s business plan for the key focus areas, particularly the plan to“support Japanese companies in expanding into frontier markets” inthe “growth areas, new fields.” For example, Africa is one of the regions where Japanese companies wish to expand, but it is very difficult to develop business plans for the region and make investment
decisions. As much time is required to recover investment in an infrastructure project, our member companies need accurate information
about the country where the project will be implemented in order tomake investment decisions. In this respect, we hope JBIC will provide
not only financing to business in Africa by performing its risk-taking
function, but also information about the region that it collects basedon its abundant experience in international business.
As you know, the trend toward innovation of digital technology
has increased in recent years. In its new medium-term business plan,
JBIC indicated its intention “to take strategic actions to promote innovation.” I personally believe that the areas where JEMA member
companies should play a leading role are the sectors of heavy electricmachinery and industrial systems, and that new technologies such as
AI and IoT are “tools” to increase the performance of products manufactured in these two sectors. These “tools” are very important toboost our international competitiveness and the value we offer tocustomers. We wish to apply these new technologies to enhance
manufacturing capabilities to produce new products and create newservice industries.
All these business policies aim to contribute to developing the
economies of countries where products and services are exported
and to improve the living standards of those nations, through theexport of Japanese products, for example, with high energy efficiency that help to reduce carbon emissions. JBIC’s support willcontinue to be indispensable for achieving these objectives and we
expect JBIC to serve as a “navigator for Japanese companies toexpand overseas business in an uncertain world”, as expressed inits medium-term business plan.

- You have read JBIC’s new medium-term business plan.
What do you expect from JBIC?
JBIC’s targeted activities within the key focus areas identified in
its new medium-term business plan are consistent with the activities

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9Overview of JBIC’s Medium-term Business Plan
(FY2018–FY2020)

The environment surrounding Japan is changing significantly. In addition
to progress in the Fourth Industrial Revolution, increasing geo-political risks
and international efforts to address global environmental problems, there are
structural issues, such as a declining workforce and a fast-aging population
with a low birthrate in the domestic market. These factors further increase theuncertainty in the surrounding environment. Under such circumstances, Japanese industries are facing urgent tasks, such as collaboration across different sectors to boost productivity and pursuing new technological development
through innovation. Japanese industries are also continuing and strengthening their efforts to benefit from the growth of overseas markets, while managing increasing business risks in a proper manner.

JBIC’s third medium-term business plan for
FY2018–2020 identifies eight key focus areas andsets out 21 action plans. Accomplishing these will allow the Bank
to accurately navigate increasingly uncertain domestic and internationalsituations and to provide support in response to the new tasks and challenges faced by Japanese industries.
JBIC will create new additional value and contribute to the sounddevelopment of Japan and the international economy and society under its third medium-term business plan by capitalizing on its relationships with stakeholders and its overseas networking and information-gathering abilities.

Principles, Key Focus Areas and Action Plans
Principles(1) Enhance JBIC’s risk-taking capability by capitalizing on its strength and attributes asa policy-based financial institution(2) Respond to changing social situations and clients’ needs in a flexible manner, while
having the objective of supplementing the financial transactions implemented byprivate-sector financial institutions(3) S trengthen organizational competency

Details of Action Plans for Business PerformanceG rowth areas, new fields

Changes in the environment surrounding JBIC

1

As a result of global population and economic growth,i ) I ncreasing demand for energy, water, food and healthcare services raises the need to increase global supplies
and establish and improve supply chains;ii ) I ncreasing global demand for infrastructure raises the need to supply funds to fill the gap in financial demandand supply;iii) A n ongoing global effort for environmental issues, including greenhouse gas reductions, is required to achieve
the international commitment for the environment.

2

A fast-aging population with a low birthrate and declining labor force, which are issues specific to Japan, raise the need toboost the productivity of domestic industries and benefit from overseas economic growth.

3

The progress in the Fourth Industrial Revolution requires Japanese industries to collaborate across different sectors togenerate new products and businesses, or pursue new technological development through innovation.

JBIC’s view of the international environment
There are growing uncertainties in the international environment, such as complex international relations and theemergence of anti-globalization and protectionism, which will bring the world amplified risks and challenges.

[ Action plan I-1. ] T o take strategic actions to promote innovation(1) Taking up innovation, Creating new business and rollingthem out worldwide
Amid the progress in the Fourth Industrial Revolution, where industrial society is transforming into “Connected Industries” which are connecting humans, machines and technologies across firms and borders to create new value, JBIC will support Japanesecompanies in taking in innovation from overseas, creating new business through innovation and rolling them out worldwide.

(2) Building relationships with key entities/organizations
JBIC will promote relationships with new entities/organizations, such as start-up companies, venture companies established within universities as well as foreign companies andfunds that engage in generating and developing new products and businesses throughinnovation, while re-building relationships with Japanese companies with a focus onadvancing innovation.

[ Action plan I-2. ] To support Japanese companies in expanding into
frontier markets(1) Creating business opportunities for Japanese companies throughsupport for identification and formation of projects
JBIC will support Japanese companies in expanding to regions which are expected tofurther strengthen relationships with Japan—such as Africa, the Mekong Region andSouth Asia—by enhancing its risk-taking capability and collaborations with internationalorganizations and state financial institutions around the world.

(2) S trengthening efforts to facilitate business in Africa towards
TICAD VII

In its third medium-term business plan, JBIC sets out a “mid- to long-term vision” that provides a picture of where or what
JBIC wishes to be or become in 10 years, in light of the environment surrounding JBIC and its view of the future environment.
The mid- to long-term vision bridges the corporate philosophy. (Positioned at the crossroads of global business opportunities, JBIC is opening new venues to the future for the Japanese and global economy.)JBIC will promote the formation of projects by formulating strategies to encourage Japanese companies to find business opportunities in Africa.

[ Action plan I-3. ] To promote energy and natural resource projects in response to the new market environment(1) Structuring financing schemes to respond to changing markets

JBIC’s mid- to long-term vision

To serve as a “navigator” for Japanese companies to expand
overseas business in an uncertain world

JBIC will provide financial support in response to more diversified pricing formulas andcontracts in the LNG market, which is at a turning point in its supply and demand balance.

(2) Supporting projects that are expected to help to establish anenergy value chain
JBIC will support infrastructure projects, such as projects for Gas-to-Power and LNG receiving terminals, aiming to contribute to Japan’s energy security.

(3) Ensuring new resources and energy sources
JBIC will provide support to secure strategic natural resources to be used for innovation,
as well as support to secure new energy sources and establish supply chains to facilitate
the transition to a low-carbon society.

O verseas infrastructure development[Action plan II-1.] To support infrastructure projects that are highly importanton the policy front
JBIC, in collaboration with the Japanese government and its agencies, will proactively lead project
formation to support Japanese companies in participating in overseas infrastructure projects thatare highly important on the policy front (e.g. high-speed railways and ports).

[Action plan II-2.] To help geo-economically important countries to establish
frameworks for promoting infrastructure development
JBIC will help geo-economically important countries with high potential as destinations for infrastructure exports to establish a public-private partnership (PPP) framework, through policy dialogue with the governments of those countries and workshops to share knowledge of PPP.

G lobal environmental preservation[Action plan III-1.] To contribute to global efforts for the transition to a
low-carbon society
Taking account of the policies of host governments and their needs, JBIC will support the transition
toward low-carbonization of thermal power generation and encourage Japanese companies todevelop low-carbon infrastructure projects such as renewable energy projects.

[Action plan III-2.] To further promote global environmental preservation
To respond to social demand for clean air and water, and waste disposal considering environmental impact, JBIC will contribute to sustainable economic growth by promoting the use of Japanesecompanies’ superb environmental technology and expertise such as desulfurization and denitration equipment, waste water treatment equipment and waste-to-energy generation technology.

M
 &As

[Action plan IV-1.] To support overseas M&As that are important on thepolicy front
JBIC will support overseas M&As by Japanese companies, while considering the importance of
their business strategies and Japanese government policy.

[Action plan IV-2.] To support overseas M&As in collaboration with private
financial institutions
JBIC will provide financing for overseas M&A transactions in the form of two-step loans, in collaboration with Japanese private financial institutions which have broad customer bases.

C onsistent implementation of policy-based
finance and restructuring of operations[Action plan V-1.] To implement policy-based finance in a consistent manner(1) Fulfilling JBIC’s mission by enhancing its risk-taking capability(2) Responding to the changing international financial environment[Action plan V-2.] To restructure operations in response to the changing external environment[Action plan V-3.] To support Japanese SMEs in expanding overseas

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