NAIROBI, Kenya, Aug 27 – The Government of Japan has announced a financing commitment of Sh1 trillion for Africa to support infrastructure development over the next three years.
Speaking during the opening of the Sixth Tokyo International Conference on African Development Saturday in Nairobi, visiting Japanese Prime Minister Shinzo Abe said the financing will support electricity generation as well as improving urban transport systems.
A portion of the financing commitment will be executed through cooperation with the African Development Bank.
“For developing resources and also for increasing the connectivity of the whole of Africa, it will be necessary to develop roads and ports. This must be nothing other than quality infrastructure,” Abe said. “Taking the initiative, Japan will appropriate approximately $10 billion to Africa over the next three years for building infrastructure.
He said the new financing commitment only enhances its previous commitments made to Africa like in TICAD V in Yokohama three years ago, adding that they will not benefit Africa alone but enhance trade with Japan.
“Japan’s pledges I am introducing now will also benefit both of us, Africa and Japan. Today’s new pledges enhance and further expand upon those launched three years ago,” the PM added.
He mentioned that members of the Japanese Cabinet, together with top executives from Japan’s major business associations and corporations, will visit Africa once every three years to meet with their African counterparts.
The meetings will pinpoint issues on businesses, identifying what needs to be done to enable Japanese and African companies to do more business together going forward.
He also announced that Japan plans to launch the “Japan-Africa Public and Private Economic Forum” and make it a permanent forum.
“This year as TICAD takes place here on African soil, right now as a growing number of young people and companies from Japan pin their expectations on the future of Africa, the partnership connecting Japan and Africa has entered, really, a mutually beneficial stage,” he said.