The government and the Inter-American Development Bank said they will jointly support energy-related projects in Jamaica and Bolivia under a co-financing program.
Using a $3 billion co-financing program agreed on in April, Japan and the regional development bank will help Jamaica improve energy efficiency at public facilities and support Bolivia in developing geothermal power generation, a Finance Ministry official said Tuesday.
The program is aimed at helping accelerate infrastructure development in Latin America in the fields of renewable energy and energy efficiency. The financing will be provided in the form of yen loans through the Japan International Cooperation Agency.
Separately, as a way to boost the relationship between Japan and the regional development bank, the Japan Bank for International Cooperation agreed to strengthen their co-financing arrangement to address climate change and environment issues, and promote quality infrastructure in the region.
Using the enhanced arrangement, the JBIC will finance $25 million to launch a project in Ecuador to help improve efficiency in energy transmission facilities.
Japan and the Washington-based regional development bank also agreed to start talks to create a new technical cooperation facility to assist public and private entities to identify, develop, prepare and implement sustainable infrastructure projects, they said.
"Japan is willing to support Latin America and the Caribbean region's sustainable growth, particularly by utilizing our human and financial resources, experiences and innovative technologies," Finance Minister Taro Aso said in a statement.
The financing moves are part of Japan's effort to promote quality infrastructure investment in Asia and elsewhere, and thereby its presence in the world, as China's economic influence grows globally.