The Japan Bank for International Cooperation (JBIC) has signed a Memorandum of Understanding (MOU) with Saudi Electricity Company (SEC) to strengthen the partnership between the two organisations.

The MOU was signed on the sidelines of Islamic Development Bank (IsDB) Group Annual Meetings held in Riyadh, JBIC said in a press statement, adding that it is in line with Bank’s Medium-term Business Plan and ESG Policy.

The statement said the objective of the MOU is to develop solutions to SEC's future projects through investments by Japanese companies, the introduction of Japanese products and technologies, and/or the provision of financial support.

The MOU also aims to expand areas of cooperation between Japan and Saudi Arabia by adding agendas, such as the growth of renewable energy, the enhancement of transmission infrastructure, including interconnection projects, and the development of smart cities.

In 2023, JBIC provided a loan to SEC as part of GREEN operations to finance the interconnection project that links Saudi Arabia and Egypt.

Read more: Japan’s JBIC to provide $103mln green finance for Saudi-Egypt interconnection project

(Writing by Sowmya Sundar; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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