Climate-Related Finance Eyed as New Operation for JBIC

Tokyo, Jan. 13 (Jiji Press)--The Ministry of Finance plans to have the government-backed Japan Bank for International Cooperation provide financial assistance for developing countries' projects to tackle global warming, it was learned Wednesday.

The ministry will submit a bill to amend the law on Japan Finance
Corp. to the regular Diet session that opens on Monday in order to enable
the JBIC to start the financing operations, MOF officials said.
The move is part of the government's measures to implement a
project designed by Prime Minister Yukio Hatoyama to support developing
countries' efforts to combat climate change.
Under the so-called Hatoyama initiative, which was unveiled at the
15th Conference of the Parties to the U.N. Framework Convention on Climate
Change, or COP15, in Copenhagen last month, Japan plans to provide 1.75
trillion yen of climate aid to developing nations over the next three years.
The JBIC, part of Japan Finance Corp., would be mainly in charge of
such assistance after the amendment is enacted.
The JBIC currently provides loans to promote natural resources
development abroad, help enhance Japanese companies' international
competitiveness and cushion the impact of the global financial crisis.