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Tuesday, 06 September 2016

Japan announces US$30 billion financial support for Africa

Japanese and African leaders and delegations met on 27-28 August in Nairobi for the sixth Tokyo International Conference on African Development (TICAD VI). Japan’s Prime Minister Shinzo Abe as well as 34 African heads of state and government – including those of Ivory Coast, Kenya, Nigeria, South Africa, and Uganda – attended the summit, among over 11,000 participants. The sixth edition of the TICAD, which in a symbolic move marked the first time the event was held in Africa since its creation more than 20 years ago, saw close to 50 Japanese and African companies and organisations sign a total of 73 memoranda of understanding (MoUs). These MoUs cover a variety of sectors, including infrastructure, trade, investment, energy, ICT, education, health, and mining. During the event, Japan’s Prime Minister Shinzo Abe also announced that his country will allocate US$10 billion for infrastructure development on the continent in the coming three years. Part of this amount will be allotted through cooperation with the African Development Bank (AfDB). When combined with private sector investments, Abe expects the total support from Japan to reach US$30 billion over the next three years, which will be in addition to the US$32 billion support already pledged at the last TICAD in 2013.