On 16 December 2016, Vnesheconombank and Japan Bank for International Cooperation (JBIC) entered into a memorandum of understanding in Tokyo (Japan) to establish closer economic cooperation between Russia and Japan. The document was signed during a Russia-Japan Summit.
The parties are to provide joint financing for projects in the Russian Federation, primarily in the Eastern Siberia and Far East, and for foreign trade contracts between Russian and Japanese companies. The document sets out a list of sectoral priorities. Particularly, these include projects in infrastructure, energy, energy efficiency, high value added manufacturing in the petrochemical industry, wood processing and machine building.
Also Vnesheconombank, Japan Bank for International Cooperation (JBIC) and CJSC Nakhodka Mineral Fertilizer Factory entered into a memorandum of understanding about the Nakhodka Mineral Fertilizer Plant Project (Primorsky Krai). The document was signed during a Russia-Japan Summit.
The Nakhodka Mineral Fertilizer Plant Project includes construction of a complex with an annual capacity of 2.2 mn t ammonia, 2 mn t carbamide and 1 mn t methanol. The full design capacity is to be reached in 2022. Total project costs are estimated at USD 6.3 bn. The plant will create up to 2000 new jobs, allow to launch a new professional training programme at the Far East Federal University and generate taxes receipts of RUB 11 bn p.a. to the budgets of different levels.