Japan Bank for International Cooperation Eyes Investment in PNG's Papua LNG
Papua New Guinea Foreign Affairs Minister Justin Tkatchenko met with officials from the Japan Bank for International Cooperation (JBIC) to discuss potential investment opportunities in the country. The meeting focused on strengthening collaboration between JBIC and the PNG government, particularly in the energy and resources sector.
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| Japan Bank for International Cooperation Eyes Investment in Papua LNG [Photo supplied] |
According to JBIC Resident Executive Officer and Regional Head for Asia and the Pacific, Sakuma Kazuko, the delegation visited various government agencies as part of efforts to enhance relations between JBIC and PNG. She stated that discussions were ongoing to renew the Memorandum of Understanding (MOU) between the PNG government and JBIC. The first MOU, signed in 2009, aimed to build cooperative relations in the natural resources sector, and JBIC had provided a loan of US$1.8 billion for the first PNG LNG project.
Ms. Sakuma further noted that an updated MOU was expected to be signed soon, focusing on promoting cooperation in the resources sector, including investment in the new Papua LNG project. She highlighted JBIC’s commitment to supporting PNG’s development through strategic partnerships in key sectors.
Minister Tkatchenko welcomed JBIC’s continued interest in PNG, describing it as a positive step for the country’s economic growth. He expressed appreciation for JBIC’s past investments, stating that the bank had demonstrated success in supporting projects in PNG. He further emphasized that the government remained open to new investments from Japan to strengthen bilateral economic ties.
JBIC, a Japanese financial institution and export credit agency, was established in 1999 following the merger of the Japanese Export-Import Bank and the Overseas Economic Cooperation Fund. The institution plays a crucial role in promoting overseas development, securing resources, and supporting Japanese industries' global competitiveness. Additionally, JBIC contributes to environmental sustainability efforts, including measures to combat global warming.
The bank also plays a stabilizing role in the international financial system, implementing counter-cyclical measures during financial market disruptions. Its involvement in PNG underscores its broader mission of fostering international economic cooperation while advancing Japan’s economic interests.
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