First Direct Cover Policy under Revised Trade Insurance Act Signed; Ochi Attends

Under this insurance contract, Nippon Export and Investment Insurance (NEXI) insures a loan from the Inter-American Development Bank (IDB) to the government of Brazil’s Espírito Santo State. The IDB is the largest international development institution in Latin America and supports infrastructure, energy, digital initiatives, startups, and the environment.

This project is positioned as the first to use the direct insurance system for international organizations.

The loan is expected to contribute to sustainable economic development and improved competitiveness in Brazil’s Espírito Santo State through road infrastructure development and stronger administrative functions.

Cooperation between NEXI and the IDB is expected to expand opportunities for Japanese companies to win contracts and invest in Latin America by leveraging the IDB’s local network and expertise concerning its systems.

The loan aims to improve logistics efficiency in Brazil’s Espírito Santo State. The signing ceremony was attended by Parliamentary Vice-Minister for Economy, Trade and Industry Toshiyuki Ochi, IDB President Ilan Goldfajn, and NEXI President and Representative Director Atsuro Kuroda, among others.

Parliamentary Vice-Minister Ochi welcomed the contract’s contribution to the state’s development, its significance as the first project, and strengthened cooperation between NEXI and the IDB on the 50th anniversary of Japan joining the IDB, and expressed hope for the development of future cooperative relations.