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The Japan Bank for International Cooperation (JBIC), yesterday inked its partnership with Banco de Oro (BDO) Unibank for a $50 million facility that will provide funds for environment-related projects in the Philippines.
In a statement posted on their website, JBIC said that the program is for the finance of environment-related projects, particularly on renewable energy (RE) projects in the Philippines.
The company said the agreement allows them to promote advanced Japanese environmental technologies while helping the country achieve its goal to reduce its greenhouse gas (GHG) emissions by 70 percent by 2030.
The agreement was signed by JBIC managing executive officer and global head of infrastructure and environment finance group Hideo Naito, BDO head for institutional banking Walter Wassmer, and BDO head for investor relations and corporate planning Luis Reyes Jr.
In March 2013, the companies signed a memorandum of understanding (MoU) “for the development and the strengthening of frameworks to support business expansion into the Philippines by Japanese mid-tier enterprises and small and medium-sized enterprises (SMEs) through Japanese regional financial institutions.”
