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World Bank and Japan Sign RISE Agreement to Boost Investments in Clean Energy Supply Chains

The pact was signed between Guangzhe Chen, Vice President for Infrastructure, World Bank and Hideaki Imamura, Executive Director for Japan at the World Bank.

February 28, 2024. By Anurima Mondal

World Bank has signed an administration arrangement with Japan outlining the terms and conditions to implement the Resilient and Inclusive Supply-chain Enhancement (RISE) Partnership. The pact was signed between Guangzhe Chen, Vice President for Infrastructure, World Bank and Hideaki Imamura, Executive Director for Japan at the World Bank. The RISE Partnership was officially launched in October 2023.
 
Japan is contributing a total of USD 25 million to RISE and has committed to advancing this initiative in close cooperation with various stakeholders. Apart from Japan, various other countries, including Canada, Germany, Italy, the Republic of Korea, and the United Kingdom, have pledged initial contributions worth USD 50 million.
 
The RISE partnership is expected to help emerging markets and developing countries (EMDCs) increase manufacturing of clean-energy products and boost their participation in the minerals industry leading to quality local jobs and economic growth.
 
RISE will prioritize three key areas - conducting comprehensive analytical work, delivering technical assistance, and fostering capacity building and skills development. Additionally, RISE will facilitate investment by leveraging local/regional information platforms (LIP). Collaborative partnerships between governments, investors, regional development banks, bilateral development finance institutions, export credit agencies, and industry associations will enable the seamless exchange of information.
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