Cooperation of BGK and Japan Bank for International Cooperation towards strengthening energy security

Bank Gospodarstwa Krajowego and Japan Bank for International Cooperation (JBIC) signed a Memorandum of Understanding (MoU) in Tokyo. The banks have pledged to financially support the projects that strengthen the energy security of Poland and the Three Seas Region, according to the idea of green transition. The partners' intention is to support the rebuilding of Ukraine.

The MOU defines the areas of cooperation between the Polish development bank BGK and the Japanese JBIC. The institutions are focusing on the energy sector and on the investments strengthening Europe's energy security. The banks plan to finance those projects that will be in line with their business strategy.

BGK and JBIC also plan cooperation that may initiate joint projects and companies in Poland or third countries, including the countries neighbouring with Ukraine.

The areas mentioned in the MOU apply to the investments in:

• energy-related infrastructure, including but not limited to gas storage facilities, gas pipelines, LNG terminals, storage and regasification vessels (FSRU),
• cleaner technologies that contribute to the reduction of CO2 emissions from the existing power plants,
• renewable energy projects that contribute to the energy transition and achieving carbon neutrality.

The banks have also committed to seek opportunities for cooperation through the Three Seas Initiative Fund (3SIIF). Both institutions could co-finance or directly invest in projects in the abovementioned areas.