Nairobi/ Tokyo, 10 December 2021 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) and Nippon Export and Investment Insurance (NEXI) have signed a memorandum of understanding (MoU) to further their partnership in view of promoting economic development and trade in Africa, and support Japanese companies doing business in TDB Member States.
More specifically, the partnership will seek to explore and engage in relevant financing opportunities and promote decarbonization technology as well as the development of quality infrastructure in Africa. To that effect, TDB and NEXI will engage in proactive discussions and consultation around potential projects ahead of the 8th Tokyo International Conference in African Development (TICAD8) scheduled to be held in 2022.
“TDB values its long-standing relation with NEXI and is pleased to cement it further via this MoU” says Admassu Tadesse, TDB President Emeritus and Group Managing Director. “With over USD 1.2 billion in ECA-backed lines of credit available in the TDB stable for export credit financing, TDB has been able to support large capital-intensive projects in its Member States while enhancing business ties between its Member States and partner countries, in this case with Japan.”
Michael Awori, TDB Deputy CEO and COO added: “Over the years, TDB has facilitated access to ECA-backed funding for buyers’ credit facilities through on-lending structures, provided credit enhancements, and deepened collaboration with key suppliers and EPCs in key export countries for new and continued business development. NEXI more specifically has been an important partner in fostering industrial and infrastructure development via construction and manufacturing industries in our Member States, with the import into our region of Japanese equipment for example”.
TDB has been working closely with various Japanese institutions to drive sustainable economic development in the region it serves. TDB and NEXI have been collaborating since 2007, with NEXI backing portions of export credit lines to TDB from various Japanese commercial banks working with Japan Bank for International Cooperation (JBIC).
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders and assets of USD 7.2 bn. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development.
TDB is part of the TDB Group, which also comprises TDF (the Trade and Development Fund), ESATF (the Eastern and Southern African Trade Fund), TCI (TDB Captive Insurance), and the TDB Academy.
Nippon Export and Investment Insurance (NEXI) is 100% government owned export credit agency of Japan. It provides official trade insurance to support trade transactions and overseas investment of Japanese companies.
NEXI succeeded trade insurance business from the government in 2001 as an incorporated administrative agency. It was then transformed into wholly government owned stock company in 2017.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations
Trade and Development Bank