Japan Trade Insurer NEXI to Invest in African Peer

Tokyo, Aug. 19 (Jiji Press)--Nippon Export and Investment Insurance, or NEXI, will invest about 3 billion yen in the African Trade Insurance Agency, making its first investment in a foreign financial institution.

NEXI, wholly owned by the Japanese government, will conclude a memorandum of understanding on cooperation with the African organization to help Japanese companies start business in Africa, particularly in the area of infrastructure, according to an announcement Thursday.

Japan enforced the revised international trade and investment insurance law last month, allowing NEXI to invest in foreign financial institutions.

The memorandum will be concluded around the time of the Eighth Tokyo International Conference on African Development, or TICAD 8, in Tunisia later this month.

NEXI will collect local information through the African Trade Insurance Agency and support joint projects between Japanese and African countries.

[Copyright The Jiji Press, Ltd.]